What does P value of 0.02 mean?

“A p-value is the probability of seeing something as extreme as was observed, if the model were true.” If we get a p-value of 0.02 and we’re using 0.05 as our alpha level, we would reject the hypothesis that the population means are equal.Click to see full answer. Correspondingly, is P value of 0.02 Significant?The null hypothesis and P -values. Let us consider that the appropriate statistical test is applied and the P-value obtained is 0.02. Conventionally, the P-value for statistical significance is defined as P < 0.05. In the above example, the threshold is breached and the null hypothesis is rejected.Secondly, what does P 0.03 mean? The p-value 0.03 means that there's 3% (probability in percentage) that the result is due to chance — which is not true. Beside this, what does P value of 0.2 mean? If p-value = 0.2, there is a 20% chance that the null hypothesis is correct?. P-value = 0.02 means that the probability of a type I error is 2%?. P-value is a statistical index and has its own strengths and weaknesses, which should be considered to avoid its misuse and misinterpretation(12).What does a really low P value mean?A small p-value (typically ≤ 0.05) indicates strong evidence against the null hypothesis, so you reject the null hypothesis. A large p-value (> 0.05) indicates weak evidence against the null hypothesis, so you fail to reject the null hypothesis. Always report the p-value so your readers can draw their own conclusions.