The \(p\)-value is a core metric used to weigh the strength of evidence against a baseline assumption. The closer the \(p\)-value is to 1, the higher the chance that the results are a fluke.
- The Core Definition: The probability of obtaining test results at least as extreme as the observed results, assuming that the null hypothesis (\(H_0\), variables have no impact on the data) is true.
- What it is NOT: It is not the probability that the null hypothesis is true, nor is it the probability that the alternative hypothesis is false.
- Statistical Significance: We compare the \(p\)-value to a pre-determined significance threshold (\(\alpha\), typically \(0.05\)):
- If \(p \le \alpha \implies\) Reject \(H_0\) (Statistically Significant).
- If \(p > \alpha \implies\) Fail to reject \(H_0\) (Not Statistically Significant).