{"product_id":"mehmet-sahinoglu-best-business-practices-for-optimizing-producer-s-and-consumer-s-risks-9786200522641","title":"Best Business Practices for Optimizing Producer's and Consumer's Risks","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.","brand":"LAP LAMBERT Academic Publishing","offers":[{"title":"Default Title","offer_id":53763127345494,"sku":null,"price":0.0,"currency_code":"EUR","in_stock":false}],"url":"https:\/\/www.momoxbooks.com\/products\/mehmet-sahinoglu-best-business-practices-for-optimizing-producer-s-and-consumer-s-risks-9786200522641","provider":"momoxbooks","version":"1.0","type":"link"}