From a Retailer's Perspective,what Two Goals Need to Be Balanced

question 74

Essay

From a retailer's perspective,what two goals need to be balanced with a JIT system?

---

Definitions:

Type II Error

Occurs in hypothesis testing when a false null hypothesis is not rejected, leading to the false conclusion that a difference or effect does not exist when it actually does.

Power

The probability that a statistical test will correctly reject a false null hypothesis; related to the capability to detect an effect if there is one.

Type II Error

The error that occurs when a statistical test fails to reject a false null hypothesis.

Type I Error

The incorrect rejection of a true null hypothesis, or "false positive," often denoted by alpha (α).