Explain what a P-value is. What is the criterion for rejecting the null hypothesis using the P-value approach?

P-value or Probability value is the exact percentage where test statistics lie. The criterion for rejecting the null hypothesis using the P-value approach is that if P-value < Level of significance, then we reject our null hypothesis

Step-by-step explanation:

P-value or Probability value is the exact percentage where test statistics lie.

It also tells the probability of obtaining extreme results corresponding to our level of significance keeping in state that our null hypothesis is true or correct.

The criterion for rejecting the null hypothesis using the P-value approach is that if P-value < Level of significance, then we reject our null hypothesis i. e.

Suppose P-value is 2.33% and Level of significance is 5%, then we will reject our null hypothesis as 2.33% < 5%.

On the other hand, if P-value > Level of significance, then we cannot reject or accept our null hypothesis.