Best Business Practices for Optimizing Producer's and Consumer's Risks: Innovating Type-I and Type-II Error Probabilities with Game-Theory for Realistic OC Curves in Acceptance Sampling Plans

Sahinoglu, Mehmet

ISBN 10: 6135830317 / ISBN 13: 9786135830316

Published by LAP LAMBERT Academic Publishing, 2018

About this Item

68 pages. 8.66x5.91x0.16 inches. In Stock.

Seller Inventory # zk6135830317

Bibliographic Details

• Title: Best Business Practices for Optimizing Producer's and Consumer's Risks: Innovating Type-I and Type-II Error Probabilities with Game-Theory for Realistic OC Curves in Acceptance Sampling Plans
• Publisher: LAP LAMBERT Academic Publishing
• Publication Date: 2018
• Language: English
• ISBN 10: 6135830317
• ISBN 13: 9786135830316
• Binding: Paperback
• Condition: Brand New
• Weight: 0.15 kilograms

About this title

Synopsis

What should constitute suitably the cost-optimal values of alpha and beta in tests of hypotheses regarding the producer’s and consumer’s risks in a business setting? This is not a question to answer unequivocally for all situations. When establishing a test procedure to investigate statistically the credibility of a stated hypothesis, several factors must be considered one of which is the size of the sample. However, the most significant of all these factors is unquestionably to optimize Type I and II errors. Statisticians have by rule of thumb selected, such as α=0.05, none for β depending on the alternative hypothesis at hand. Although, common logic usually played a major role such as in the case of testing null hypothesis of the patient being sick needs a fairly significant size of type I error lest we lose the patient if we reject that she is sick while she truly is sick and probably dying. But all these previous up-to-date arguments are not somewhat connected with cost or utility of producer's and consumer's risks in the sense of quality control or life sciences or in the cyber-risk domain or other manufacturing industries while testing a hypothesis of a good product vs. bad.

About the Author

Dr. Sahinoglu, a Distinguished Prof.('08) and Dean Emeritus ('00), founded the Informatics Institute('08), and Cybersecurity('09) in Auburn University at Montgomery. An Eminent Scholar&Chair at Troy University CS Dept ('99-'08) with a BS('73) and MSEE('75) from METU(Turkey) and UMIST(UK), and PhD('81) from Texas A&M, authored Wiley texts ('07,'16).