You are part of a market research team evaluating the impact of a new marketing strategy on customer engagement for a company. The team hypothesizes that the new strategy leads to a higher conversion rate compared to the traditional approach. The alternative hypothesis (Ha) states that there is a significant difference in conversion rates. During the analysis, the team set the significance level (α) at 0. 10. They are aware that a Type I error occurs when the team incorrectly rejects the null hypothesis when it is true. Type 1 error could have serious consequences, leading to the unnecessary adoption of the new marketing strategy. On the other hand, a Type II error, where the team fails to reject the null hypothesis when it is false, might result in missing the opportunity to enhance the company's marketing methods. Discuss how to adjust/reduce the probability of committing type 1 error and how it impacts the balance between Type I and Type II errors.
a) Decrease the sample size
b) Increase the significance level (α)
c) Use Bonferroni correction
d) Perform post-hoc analysis