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Best Business Practices for Optimizing Producer's and Consumer's Risks

By Mehmet Sahinoglu

Best Business Practices for Optimizing Producer's and Consumer's Risks

0 - Default Title
Description
What should constitute suitably the cost-optimal values of alpha and beta in tests of hypotheses regarding the producer's and consumer's risks in a business setting? This is not a question to answer unequivocally for all situations. When establishing a test procedure to investigate statistically the credibility of a stated hypothesis, several factors must be considered one of which is the size of the sample. However, the most significant of all these factors is unquestionably to optimize Type I and II errors. Statisticians have by rule of thumb selected, such as ¿=0.05, none for ß depending on the alternative hypothesis at hand. Although, common logic usually played a major role such as in the case of testing null hypothesis of the patient being sick needs a fairly significant size of type I error lest we lose the patient if we reject that she is sick while she truly is sick and probably dying. But all these previous up-to-date arguments are not somewhat connected with cost or utility of producer's and consumer's risks in the sense of quality control or life sciences or in the cyber-risk domain or other manufacturing industries while testing a hypothesis of a good product vs. bad.
Product details
Binding:
Paperback
Number of Pages:
68
Release Date:
2025-10-17
Publication Date:
2025-10-17
Publisher:
LAP LAMBERT Academic Publishing
Languages:
Original: English
ISBN10:
6200522642
ISBN13:
9786200522641
GPSR Manufacturer Reference:
[email protected]
Weight:
119 g
Height:
150 cm
Width:
220 cm
Thickness:
5 cm
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