The P value, or calculated probability, is a statistical concept that is used in many academic papers to indicate the likelihood that an observed result is simply based on chance. Hence a lower p-value means that it is unlikely that the result is accidental. Or in other words: A p-value of 0.05 is the same as saying “5% of the time, we would see this by chance".
Example of use
Most authors refer to statistically significant as P < 0.05 and statistically highly significant as P < 0.001 (less than one in a thousand chance of being wrong). Common thresholds are: P < 0.05 P < 0.01 P < 0.001
Subscribe to our newsletter to get the latest from Datastory’s Global Edition.