VEQI - P-Value

P-Value

Also called the "level of significance," the p-value is the weight of evidence from a sample population used to determine whether a statistical inference that has been made is valid. Based on sample data and given in terms of a probability, the p-value will range somewhere between 0 and 1. The closer the value is to 0, the stronger the evidence to accept the evidence inferred from the sample data. The farther away the p-value is from 0, there is less confidence to accept the evidence inferred from the sample data.

For example, if a certain data set has a p-value of 0.0010, then we are fairly confident that the assumptions we made from the data are correct. However, if the p-value equals 0.8560, we cannot be very confident of the assumptions that are made from the data available.

Reference
Ott R. Lyman. An Introduction To Statistical Methods and Data Analysis. 4th ed. California: Duxbury Press; 1993.