P value

P value definition - business

P value

In statistics, the probability that a difference between two groups occurred because of chance. For example, two groups of people with the same medical problem are treated with different medications. A lower P value for any difference in outcomes indicates a lower probability that the difference was a result of chance. Results with a low P value are considered statistically significant.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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