Hypothesis testing

The significance level (α, which the P value is often compared to), is the probability of a type I error (the probability of incorrectly rejecting a true Ho)

The probability of a type II error (wrongly failing to reject Ho) is 1-power

ADDITIONAL TAGS:
Truth about the null hypothesis, Ho
Ho true
Ho false
Decision based on test results
Reject Ho
Type I error (α)
Correct conclusion (1-β)=power
Fail to reject Ho
Correct conclusion (1-α)
Type II error (β)