- The P-Value is an essential concept within statistics and testing hypothesis.
- It is a number that helps determine if there is enough evidence to reject a null hypothesis
- The P-Value is typically set at 0.05, with a p-value below 0.05 suggesting strong evidence against the null hypothesis, while larger than 0.05 provides weak evidence against the null hypothesis.
- It does not measure the probability that the null hypothesis is true, but instead the probability of obtaining a test statistic at least as extreme as the one we observed.