How can you explain the concept of a p-value to a non-statistical audience?
Understanding p-values can be quite a challenge if you're not familiar with statistical jargon. However, it's a concept that's not only reserved for statisticians or data scientists. In essence, a p-value helps you determine the strength of your results when conducting a test or experiment. It's like a tool that measures how much evidence you have against a certain assumption or what's known as the null hypothesis. Imagine you're trying to prove that a coin is biased. The p-value can tell you if the flips you've observed are likely due to chance or if they're unusual enough to suggest the coin might indeed be biased. The lower the p-value, the stronger the evidence against the null hypothesis.