Best Business Practices for Optimizing Producer's and Consumer's Risks - Sahinoglu, Mehmet
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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 beta depending…mehr

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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 beta 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.
Autorenporträt
Dr.M. Sahinoglu, Dist. Prof., formerly the CS Eminent Scholar and Chair at Troy University is the founding Director of the Informatics Institute, and Cybersystems and Information Security MS program of Auburn University at Montgomery. He holds a BSEE & MSEE from METU/Ankara (1973)and University of Manchester/UK (1975) and PhD from Texas A&M (1981).