Question on level of significance (los)

[Arceus74]

Suppose the value of P=0.03.
Suppose we assume los is 5%.
Then we will accept null hypothesis.
If suppose we assume los is 1%,then we reject it.
So based on what factors do we assume los and what los do industries follow?

 

[micromass]

Suppose the value of P=0.03.
Suppose we assume los is 5%.
Then we will accept null hypothesis.

No, we don't. We can only accept the null hypothesis if the power is high enough. And the power is not so easy to know in most cases. The only thing we can conclusively do in hypothesis tests is to reject the null hypothesis, not to accept it.

So based on what factors do we assume los and what los do industries follow?

It's usually 0.05 or 0.01. It's usually more informative to give a confidence interval and p-value anyway, than just saying we accept/reject.