Intro to Probability for Business
The Bonferroni correction is a statistical method used to address the problem of multiple comparisons by adjusting the significance level to reduce the likelihood of Type I errors. This technique divides the desired alpha level by the number of comparisons being made, effectively lowering the threshold for statistical significance. By doing so, it helps to ensure that findings are not falsely declared significant due to the increased chance of error when multiple tests are performed.
congrats on reading the definition of Bonferroni Correction. now let's actually learn it.