The P (probability) value is used when we wish to see how likely it is that a hypothesis is true. The hypothesis is usually that there is no difference between two treatments, known as the “null hypothesis”.
P = 0.5 means that the probability of the difference having happened by chance is 0.5 in 1, or 50:50.
P = 0.05 means that the probability of the difference having happened by chance is 0.05 in 1, i.e. 1 in 20. = SIGNIFICANT result
The lower the P value, the less likely it is that the difference happened by chance and so the higher the significance of the finding.
P = 0.01 is often considered to be “highly
significant”. It means that the difference will only have happened by chance 1 in 100 times. This is unlikely, but still possible.
P = 0.001 means the difference will have happened by chance 1 in 1000 times, even less likely, but still just possible. It is usually considered to be “very highly significant”.
Resources
http://www.roche.com/research_and_development/what_we_are_working_on/oncology/cancer-immunotherapy/interpreting-clinical-trials-data.htm
MedicalStatisticMadEasy
P = 0.5 means that the probability of the difference having happened by chance is 0.5 in 1, or 50:50.
P = 0.05 means that the probability of the difference having happened by chance is 0.05 in 1, i.e. 1 in 20. = SIGNIFICANT result
The lower the P value, the less likely it is that the difference happened by chance and so the higher the significance of the finding.
P = 0.01 is often considered to be “highly
significant”. It means that the difference will only have happened by chance 1 in 100 times. This is unlikely, but still possible.
P = 0.001 means the difference will have happened by chance 1 in 1000 times, even less likely, but still just possible. It is usually considered to be “very highly significant”.
Resources
http://www.roche.com/research_and_development/what_we_are_working_on/oncology/cancer-immunotherapy/interpreting-clinical-trials-data.htm
MedicalStatisticMadEasy