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Lean Sigma Glossary / Abbreviation List Acronym Definition Description Alpha The maximum risk or probability of making a Type I Error. This probability is always greater than zero and is usually established at 5%. The researcher makes the decisions to the greatest level of risk that is acceptable for a rejection of Ho. Beta The risk or probability of making a Type II Error, or overlooking an effective treatment or solution to the problem. Population mean Symbol used to describe the average for an entire population Population standard deviation Symbol used for standard deviation of