Contents
- Understanding p-value & the Significance Level
- When Your p-value Is Close to 0.05
- Deciphering Statistical Decisions
- Evaluating Real Data
- Striking a Balance
The implementation is available below:
Understanding p-value & the Significance Level
In the realm of statistics, the p-value and significance level (α) are two critical concepts that lay the groundwork for hypothesis testing. However, understanding their role and how they interact with each other can often be a puzzle, especially when the p-value hovers around 0.05. So, let’s decipher these pieces, one by one.
p-value
The p-value is one of the most misunderstood and widely used concepts in statistics. In layman’s terms, a p-value tells us the probability of obtaining an effect at least as substantial as the one we actually observed in our sample data…
