QUESTION:

How would you reply to the following two comments in regards to what does the p-value tell the business statistician, especially in terms of the normal curve? If the p-value is smaller than the level of significance, what does that mean in terms of the null hypothesis? Why?

MY ANSWER:

"First of all, the p-value, or probability value, is the "probability of obtaining results at least as extreme as the observed results of a statistical hypothesis test" (Investopeida, 2014). In simpler terms, it is the "probability that an observed difference could have occurred" randomly, with the idea that the theory that is being tested would be false. What does it mean for the business statistician? It would tell the business statistician weather or not he/she should reject the null hypothesis (the theory that there is difference between the two variables). If the p-value is smaller than the level of significance, it tells you that you should reject the null hypothesis, meaning that it is false. Or less likely to occur."

How would you reply to my answer to agree or disagree? 100-300 words