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Consumer's risk, also known as Type II error in the context of decision-making and statistics, refers to the probability that a consumer will incorrectly accept a product as being of acceptable quality when it is, in fact, defective or does not meet the required standards. In simpler terms, it is the risk that a consumer purchases a product believing it to be good, but it turns out to be faulty or not satisfactory.

Ancestors (6)

  1. Risk
  2. Actuarial science
  3. Applied mathematics
  4. Fields of mathematics
  5. Mathematics
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