Question

Explain the conceptual and quantitative relationships between alpha risk and beta risk when testing hypotheses, and include the impact sample size plays in managing these risk levels

Answer 1

The conceptual and quantative relationship between  Alpha risk and Beta risk is related to the probability of accepting Null hypothesis. They are also known as Type 1 and type 2 error.

Alpha Risk:

Alpha risk is the risk that in statistical test a null hypothesis will be rejected when it is actually true. This is also known as a type I error, or a false positive. The term risk refers to chance or likelihood of making an incorrect decission.

Beta risk:

Beta risk represents the probability that a false hypothesis in a statistical test is accepted as true. Beta risk contrast with alpha risk, which measures the probability that a null hypothesis is rejected when it is actually true.

Determining the type of risk in a quantitative relationship is primarily based on sample size. The Sample Size directly affect the Alpha and Beta risk. If Sample size is larger, the Alpha and Beta risk will lower, and if the sample size is lower the risk of Beta and Alpha increases.

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