P- Value

- The NULL HYPOTHESIS is contradictory to the one being studied.

- The ALTERNATIVE HYPOTHESIS is the one being studied.

 

- Quantifying the probability of chance relates to the strength of evidence of the tested hypothesis.

 

- The lower the probability of chance, the stronger the evidence.The accepted probability is 0.05 or 0.01 (depending on the type of research). It is known as p-Value.

 

- If the p-Value is lower than 0.05 or 0.01 (depending on the research), Null Hypothesis is rejected.

 

- With the Null Hypothesis being rejected, the Alternative Hypothesis is found to be responsible for the observed difference in data.

 

Two Types of Errors, Alfa and Beta:

 

Type I Error occurs when the Null Hypothesis is FALSELY rejected based on found evidence of significant difference, while in reality, NO such difference exists, and the observed difference was likely due to chance.

Type II Error occurs when the Null Hypothesis is NOT rejected based on found evidence of NO reported difference, while in reality, there is a statistically significant difference, so it should have been rejected.