€19.94 – €22.06
Important Considerations:
- Threshold (α): The P-value is often compared to a predetermined significance level (α), commonly set at 0.05. If the P-value is less than α, the null hypothesis is rejected.
- P-value does not measure the size of an effect: A smaller P-value does not necessarily indicate a stronger or more important effect, only that the observed effect is less likely to occur by chance.
- Type I and Type II Errors: A P-value is also related to the potential errors in hypothesis testing:
- Type I Error: Incorrectly rejecting the null hypothesis (false positive).
- Type II Error: Failing to reject the null hypothesis when it is false (false negative).
