Step 1: Understanding the Concept:
The question asks for the statistical term for the probability of making a Type I error. In hypothesis testing, there are two types of potential errors.
Step 2: Detailed Explanation:
Type I Error: This occurs when we reject a true null hypothesis. We conclude there is an effect when, in reality, there is not. The probability of making a Type I error is denoted by the Greek letter \(\alpha\) (alpha). The significance level of a test is the threshold we set for this probability (e.g., \(\alpha\) = 0.05).
Type II Error: This occurs when we fail to reject a false null hypothesis. We conclude there is no effect when, in reality, there is one. The probability of making a Type II error is denoted by the Greek letter \(\beta\) (beta).
Therefore, the significance level and the chance of a Type I error are both called alpha.
Step 3: Final Answer:
The significance level, representing the probability of a Type I error, is called Alpha.