What does the power mean? How do we identify it and why is it important?
Power = 1 - P(Type II error) - probability we correctly reject H0 when the reality is that H0 is false [correctly detecting a false H0]
It’s what we want in a significance test - rejecting the null when it’s false.
The probability of correctly rejecting the null hypothesis given that the alternate hypothesis is true. Think of it as the opposite as the TYPE 1 Error.