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Alpha Risk

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Alpha Risk - definition(s)

Alpha Risk - Alpha risk is defined as the risk of rejecting the Null hypothesis when in fact it is true. Synonymous with: Type I error, Producers Risk. In other words, stating a difference exists where actually there is none. Alpha risk is stated in terms of probability (such as 0.05 or 5%). The value (1-alpha) corresponds to the confidence level of a statistical test, so a level of significance alpha = 0.05 corresponds to a 95% confidence level.

[Category=Data Quality ]

Source: iSixSigma, 30 December 2010 08:13:15, External 

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