P-value interpretation, definition, introduction, and examples
In this post, we will discuss the P-value introduction and some related examples. The P-value also is known as the observed level of significance or exact level of significance or the exact probability of committing a type-I error (probability of rejecting H0, when it is true), helps to determine the significance of results from the hypothesis. The P-value is the probability of obtaining the observed sample results or a more extreme result when the null hypothesis (a statement about population) is actually true.
In technical words, one can define P-value as the lowest level of significance at which a null hypothesis can be rejected. If the