39-3 |
A statistical approach to risk assessment in the decision making process |
F. ROSSI, Kraft Foods, Inc., 801 Waukegan Rd., Glenview, IL 60025 Statistical hypothesis tests can be used to quantify decision risks with many types of commonly sampled data in the consumer products industry. A general framework for this approach will be described, and then demonstrated with examples. The examples will include quality control sampling and consumer and sensory test evaluation. Concepts that will be described in detail will include alpha and beta risks, null and alternate hypotheses, and error types. The examples will demonstrate how these concepts are applied to specific business problems.
Session 39, Using sensory science to make actionable business decisions
|