What is a p-value?
A p-value is the probability that a test statistic would be at least as extreme as the observed value assuming the null hypothesis is true. Small p-values indicate that the observed statistic is unlikely under H₀, offering evidence for the alternative hypothesis.
- Left-tailed tests measure Pr(S ≤ x | H₀).
- Right-tailed tests measure Pr(S ≥ x | H₀).
- Two-tailed tests double the probability in the more extreme tail.