27 Dec 2021, 11:32 — 2 min read
In statistics, there are two types of errors.
Type 1 Error: False Positive. E.g., someone does not have any disease, but a medical report falsely indicates some condition. A Type 1 error is an error of commission—something you do wrong.
Type 2 Error: False Negative. E.g.-Someone has a disease, but the medical report suggests that there is no disease. A Type 2 error is an error of Omission—something you did not do when you should have.
In life, we should all be worried more about committing Type 2 more than Type 1 errors.
As the year is coming to a close and we enter a new one, it’s good to take a pause and ask ourselves, “what are the things I am not doing that I should be doing?”
It’s good to check if we need to address some Type 2 errors we are unknowingly or unconsciously committing in our lives.
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Article source: https://ownmygrowth.com/2021/12/24/type-2-errors/
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Posted byPramod Veturi
Global leader with experience managing core banking functions with proven track record of delivering business transformation and growth.