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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