P-value - Dictionary definition of P-value

p value graph, Wikimedia Commons

P value is associated with a test statistic. It is "the probability, if the test statistic really were distributed as it would be under the null hypothesis, of observing a test statistic [as extreme as, or more extreme than] the one actually observed."

The smaller the P value, the more strongly the test rejects the null hypothesis, that is, the hypothesis being tested.

A p-value of .05 or less rejects the null hypothesis "at the 5% level" that is, the statistical assumptions used imply that only 5% of the time would the supposed statistical process produce a finding this extreme if the null hypothesis were true.

5% and 10% are common significance levels to which p-values are compared.

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Econterms. "P-value - Dictionary definition of P-value." ThoughtCo, Mar. 28, 2017, thoughtco.com/definition-of-p-value-1148041. Econterms. (2017, March 28). P-value - Dictionary definition of P-value. Retrieved from https://www.thoughtco.com/definition-of-p-value-1148041 Econterms. "P-value - Dictionary definition of P-value." ThoughtCo. https://www.thoughtco.com/definition-of-p-value-1148041 (accessed October 21, 2017).