P-value

Definition

The p-value is a probability value that helps determine whether an observed result is statistically significant or occurred by chance. It quantifies how strong or weak evidence against a null hypothesis exists.

Related terms

Type I Error: Type I error occurs when we reject a true null hypothesis, meaning we mistakenly conclude there is an effect or relationship when there isn't one.

Confidence Interval: A confidence interval provides a range within which we can reasonably estimate population parameters based on sample data.

Significance Level: The significance level, often denoted as alpha (α), is the threshold used to determine statistical significance. It helps decide whether to reject or fail to reject the null hypothesis.