What is P-value is the probability of - and explain in detail?
• P-value:
– Is the ‘Probability of Type I error’ (Null hypothesis is true but rejected)
– Significance (a) level: is the maximum tolerable probability of Type I error
– P- value is calculated (on basis of data while Alpha is fixed in advance: by the choice of level of significance employed in the test
– P – value calculated can be less than, equal to or greater than alpha (a)
– Keep Type I error to be minimum (P < a): Then results are declared statistically significant.