Question

Is it possible to minimize both the type 1 error and the type 2 error at the same time? Why or why not?

Answer 1

Both the Type 1 and Type 2 errors can't minized simultaneously. If Type 1 error is minismized then the Type 2 error will araise and Vice Versa. These two types of errros can be better understood with an example where a patient is given a medicine to cure some disease and his condition is scrutinized for sometime. It is just possible that the medicine has a positive effect but it is considered that it has no effect or adverse effect. Thus, it is the first kind of Error of Type I error. On the otherhand, if the medicine has an adverse effect but is considered to have had a positive effect, it is called the second kind of error or Type II error. If Type I error is committed, the patient will be given another medicine, which may or may not be effective. But if Type II error is committed, that is the medicine is continued inspite of an adverse effect, the patient is likely to develop some other complications or may even die. This means that the Type II error is much more severe than the Type I error. Hence in drawing inference about the Null Hypothesis, Practice is followed that Type II error be minimzed even at certain risk of Type I error. To Undderstand this we want to know about the Level Of Significance (LOS).

Level Of Significance: It is the quantitiy of Risk of Type I error which we are ready to tolerate in making a decision about Ho. In other words, it is the Probability of Type I error which is Tolerable. The LOS is denoted by and is conventionally chosen as 0.05 or 0.01, = 0.01 is used for high precision and = 0.05 for moderate precision.