(noun) a liquid or semi-liquid edible dressing or condiment served as an accompaniment to or an ingredient in a meat, dessert, or other food: pizza sauce, steak sauce, cranberry sauce, chocolate sauce, etc., or (verb) to add said sauce to something.
All hypothesis tests ultimately use a p-value to weigh the strength of the evidence (what the data are telling you about the population). The p-value is a number between 0 and 1 and interpreted in the following way: A small p-value (typically â¤ 0.05) indicates strong evidence against the null hypothesis, so you reject the null hypothesis.
P-Value Approach. The P-Value Approach, short for Probability Value, approaches hypothesis testing from a different manner. Instead of comparing z-scores or t-scores as in the classical approach, you're comparing probabilities, or areas. The level of significance (alpha) is the area in the critical region. That is, the area in the tails to the right or left of the critical values. The p-value is the area to the right or left of the test statistic. If it is a two tail test, then look up the probability in one tail and double it. If the test statistic is in the critical region, then the p-value will be less than the level of significance.