1. Explain to your friend what are type I errors and provide a real example from an industry of your interest.

2. Explain to your friend what are type II errors and provide a real example from an industry of your interest.

3. Read at least one academic source besides Bluman's book, and explain in your opinion which of these two errors would be a more serious and under which context.

4. Explain the importance of p values in the context of type I errors.

Remember to use academic references to support your work.

5. Provide strategies to reduce either types of errors mentioned above.