Alpha Risk

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Alpha Risk

When testing a hypothesis, the risk of rejecting a piece of data that should have been accepted. Many tests reject some data as unusable or irrelevant. Alpha risk is the probability that the wrong data will be eliminated from the sample. It is also called type I error or alpha error. See also: Beta risk.
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Right now, credit unions may be making too many Type 1 errors in their loan programs," Rick said.
The Holm's sequential Bonferroni procedure was used to control for Type 1 errors across the three pairwise comparisons.
In the limit of 0% type 1 errors, the average type 2 error rate is 49% and 29%, respectively.