Statistical analysis is important in any field, including the fields of medicine, psychology, and even business. Without a deep statistical analysis of your facts and figures, it is impossible to know what decisions to make regarding your business or research projects. The P-Value is the range of statistical significance and validity that a particular statistic shows, given the various factors surrounding it. In other words, it shows how important the stat is in terms of decision-making and value.
1. What is a P-value exactly?
Before we attempt to illustrate how to calculate the P-value of a null hypothesis, let’s first look at the definition of a P-value. A P-value is the amount of marginal significance of a statistical fact. So that means that, when we speak of P-values, we are really talking about statistics that are barely within the significant range.
When dealing with null hypotheses, it increases the importance of it because it means that the null hypothesis is not correct.