Examlex
Explain how service-sector companies can benefit from variance analysis.
Type II Error
Occurs when a false null hypothesis is not rejected.
Statistical Power
The probability that a statistical test will correctly reject a false null hypothesis, a measure of a test's ability to detect an effect if there is one.
Type II Error
The error made by failing to reject a false null hypothesis, also known as a "false negative."
Type I Error
The mistaken dismissal of an accurate null hypothesis, frequently referred to as a false positive.
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