A P-Value is a number between 0 and 1 that represents the probability of obtaining a result as extreme or more extreme than the observed result, assuming that the null hypothesis is true. It tells you how likely it is that your data occurred by chance.
- Null hypothesis: This is the default assumption that there is no difference or relationship between groups or variables.
- Low p-value: A low p-value (typically less than 0.05) indicates that the observed results are unlikely to have occurred by chance, providing evidence to reject the null hypothesis.
- Statistical significance: A low p-value is often associated with statistical significance, but it doesn’t necessarily mean the result is practically important.
While p-values are widely used in statistics, it’s essential to interpret them correctly and consider other factors like effect size and confidence intervals for a complete understanding of the results.