Question

A low ?p-value for an independent variable (say, 0.04) indicates that the parameter estimate is not statistically significant; the variable should be discarded from future regression models.

Answer 1

at 4% p-value is statistically significant

no variable should not be discarded from the future value,

P-value is defined as the lowest significance level at which a null hypothesis can be rejected. it is also known as the observed or exact level of significance. or exact probability of commuting type 1 error, for example, if the p-value is considered as 5% this means 5% of time value will be wrong.

we should not discard the variable because the variable is statistically significant, we use the rule that if the variable is not significant then we discard

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