📍P-value 1. Definition of P-value Probability of obtaining a test statistic as extreme as, or more extreme than, the observed value, assuming the null hypothesis (H0) is true 2. Hypothesis Testing Null hypothesis: Ho Alternative hypothesis: H1 or H@ Test statistics : Z, F, t, X2 3. P-value and Probability Distribution P-value represents the tail area beyond the observed test statistic under H0 Right-tailed test Left-tailed test Two-tailed test 4. Significance Level (alpha) Common significance levels: 0.10, 0.05, 0.01 The significance level is selected before conducting the test 5. Decision Rule Compare P-value with alpha level P <= @ (Reject H0) P > @ (Accepted H0)( Fail to Reject H0) 🎯