shiv.mahapatro

Hi Kiran, I hope this will make some sense, When you want to decide on buying a car there are three important factors (CHEAP, FAST & GOOD). The problem in the real life is we can only choose two. (If you want it Cheap and Fast it will not be Good, if you want it Fast and Good it will not be Cheap and finally if you want it to be Cheap and Good it will not be Fast). Taking clue from this 1. if you are considering a small sample test with minimum risk the effect will have to be very huge to be able to detect it. 2. On the other hand you are considering the small effect using a small sample size you are accepting a lot of risk in accepting or rejecting the hypothesis. 3. In cognizance to the above points it is clearly derived that, minimizing the risk and also detecting small effects will need a collection and testing of huge samples. Depending on the process you are testing you can check which, is the least important factor and go with the other 2.