You are a business analyst employed by a large database management and consulting organization. Your job entails analysis of the available data that tends to vary considerably across clients in terms of volume and quality, with the goal of previously unknown insights or validating currently-held beliefs. One of your concerns is the validity and reliability of your conclusions; hence you are always careful about Type I and Type II errors.
Discuss the differences between Type I and Type II errors in the context of business decision making. Explain how each of the two types of errors can impact both, the validity as well as the reliability of conclusions? As a business analyst, what would you do to minimize the chances of either Type I or Type II errors adversely impacting your conclusions?
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