• P-value defines the confidence of a statistical hypothesis
• In other words, P-value is the aggregated probability of the Null Hypothesis and the opposite side of the Alternative Hypothesis
  • For example, if the Null hypothesis is "the average income in USA is 10k"
  • Then Alternative Hypothesis would be "the average income in USA is greater than 10k"
  • Then the p-value would be the summation of "the average income in USA from 0 to 10k".

• If p-value is less than predefined Statistical Significance, then we can reject the Null Hypothesis
• Else, we Fail to Reject the Null Hypothesis
• There are 3 types of p-value:
  1. Left-tailed p-value
  2. Right-tailed p-value
  3. Two-tailed p-value

References:

1. https://towardsdatascience.com/null-hypothesis-and-the-p-value-fdc129db6502