In using statistical test in business, business practitioners face two types of errors: type I and type II errors. Discuss each type of error in detail by providing a hypothetical or real life...

In using statistical test in business, business practitioners face two types of errors:type I andtype II errors. Discuss each type of error in detail by providing a hypothetical or real life business example. Based on your example, explain which type has more severe consequences? What is alpha level? Also, discuss what is p-value and its connection to type I error