Significance of P-value in statistical data

Question

Hi!!

I want to know the significance of the P-value in the statistical data.

Can someone tell me in simple terms

Answer 1

The P-value is used to determine the significance of results after a hypothesis test in statistics. 

So, basically, the P-value helps the readers to draw conclusions and is always between 0 and 1.

•  P- Value > 0.05 denotes weak evidence against the null hypothesis which means the null hypothesis cannot be rejected.
•  P-value <= 0.05 denotes strong evidence against the null hypothesis which means the null hypothesis can be rejected.
•  P-value=0.05is the marginal value indicating it is possible to go either way.

Answer 2

Refer the following points explaining the significance of p_value:

• Deciding on a criterion for accepting or rejecting the null hypothesis
• Refers to the percentage of sample means that is outside certain prescribed limits
• Higher the level of significance, higher is the probability of rejecting the null hypothesis when it is true

for example: Consider testing a hypothesis at 5% level of significance:

• Reject the null hypothesis if it falls in the two regions of area 0.025
• Do not reject the null hypothesis if it falls within the region of area 0.95