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The p-value is the probability of observing a result as extreme as the test statistic if the null hypothesis is true. p < 0.05 is the conventional threshold for statistical significance—but this is arbitrary and context-dependent. p-value does not measure effect size or practical importance. A very small p with a tiny effect size may be unimportant. Always report confidence intervals alongside p-values.
Two-sided p ≈ 1.2419e-2