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Testing of Hypothesis: Explanation of p values

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Q1: What is a p-value in testing hypothesis?

Q2: How does this p-value help us to decide to/not to reject a Null hypothesis? What might happen if we do not use this p-value in particular, when we are rejecting a Null hypothesis?

Q3: What are the limits of these p-values to decide if we have made a right decision on rejecting a false Null hypothesis?

Q4: how do you find this p-value from the tables?

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Solution Summary

This solution provides description of five-step testing of hypothesis with special emphasis on p value. The meaning, interpretation and method of computation of p value are given with sufficient details.