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Feb 19 at 15:45 comment added Mathemagician777 Certainly! I focussed here on the type I error since it seems that the OP was strangled with the basic concepts, but sure, it is equally important to be aware of trade-off between the type 1 and type 2 errors and their uses/(dis)advantages
Feb 19 at 14:52 comment added Peter Flom I mostly agree, but see my answer. Sometimes type 2 error is much worse than type 1.
Feb 19 at 12:03 history answered Mathemagician777 CC BY-SA 4.0