What is considered rare occurrence
The typical threshold used in most Statistics courses is 0.05. So, an event will be rare if its probability of occurrence is less than 0.05.
What is the definition of a rare occurrence?
Rare or extreme events are discrete occurrences of infrequently observed events. Despite being statistically improbable, such events are plausible insofar as historical instances of the event (or a similar event) have been documented.
What is considered rare in probability?
In their search for the elusive particle, they observed something else entirely. Their dark matter detector witnessed the rarest event ever recorded: the radioactive decay of xenon-124.
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[PDF] Type I and Type II errors - UC Berkeley Statistics
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