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P Value

 
 

Statistic relating whether or not the sample supports the tested hypothesis. P values are the probability that a calculated test statistic as large or larger occurred by chance alone. P values range from 0 to 1. A zero P value would indicate that the probability of sampling a population and obtaining a test statistic with as large or larger a value was nonexistent. Typically, P values less than 0.05 are deemed statistically significant, resulting in rejection of the Null Hypothesis.

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Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved.  Read more