What is a p-value? Explain it in layman's terms and provide an example.

Question

Accepted Answer

P-value is a measure that helps determine the strength of evidence against the null hypothesis in statistical hypothesis testing.

P-value is the probability of obtaining results as extreme as the observed results, assuming the null hypothesis is true.
A low p-value (typically ≤ 0.05) indicates strong evidence against the null hypothesis, leading to its rejection.
For example, if a study comparing two drugs shows a p-value of 0.03, it suggests that there is a 3% chance that the results occurred by random chance if the drugs were actually equally effective.