What do you mean by p-value?
Question
Can someone please explain with example, what exactly is a p-value?
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Statistics
4 years
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Answer ( 1 )
In statistical significance testing, p-value is the probability of obtaining a test statistic at least as extreme as the one that was actually observed, assuming that the null hypothesis is true.
Eg:
p-value of 0.0439 is 4.39%
In layman terms, it means there is 4.39% chance of your answer getting a random value
Try to get a higher p-value like 0.9 (90%) to make your result more accurate.