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Type 1 And Type 2 Error With Examples : Complete Clarity In 10 Min.

To learn Hypothesis Testing most effectively and practically, visit: https://vijaysabale.co/hypothesis Hello Friends, Type 1 and Type 2 Error are two possible errors in hypothesis testing. Any decision that we take is based on probabilities. Therefore, no decision is 100% certain. In this video, I have explained these 2 critical concepts in detail with practical examples. This video consists of the following topics: ✅ Introduction ✅ Why an Error In the Decision? ✅ Type 1 Error (Producer's Risk) ✅ Type 2 Error (Consumer's Risk) ✅ Power of Test ✅ Impact of Sample Size on Power of Test (Power and Sample Size) ✅ Type 1 and Type 2 Error - Example 1 ✅ Type 1 and Type 2 Error - Example 2 ✅ Type 1 and Type 2 Error - Example 3 ✅ Learn Lean Six Sigma and Minitab Most Effectively and Practically I am sure you will like it. The Important links about LEARN & APPLY: 📺 Join this channel to get access to perks:    / @learnandapply   🏫 Know about LEARN & APPLY: https://learnandapply.org You can also visit our Learning Management System (LMS) 📚📖 to access online courses at: https://www.successfulcareerhub.com/ 0:00 Introduction 0:28 Why an Error In the Decision? 1:36 Type 1 Error (Producer's Risk) 2:32 Type 2 Error (Consumer's Risk) 3:18 Power of Test 3:51 Impact of Sample Size on Power of Test (Power and Sample Size) 5:06 Type 1 and Type 2 Errors - Example 1 7:32 Type 1 and Type 2 Errors - Example 2 8:58 Type 1 and Type 2 Errors - Example 3 11:12 Learn Lean Six Sigma and Minitab Most Effectively and Practically Thank you for watching...🙏😊 #type1error #type2error #producerrisk #consumerrisk #type1andtype2error #hypothesistesting #leansixsigma #sixsigma #successfulcareerhub #learnandapply #statistics