Question

You have just developed a new cure for the common cold and you plan to conduct a formal test to justify its effectiveness.

Which P-value would you most prefer: 0.99, 0.05, 0.01, 0.001?
Why?

Answer 1

Null Hypothesis() : There is no significance effect of the new cure developed

Alternate Hypothesis() : There is significant effect of the new cure developed

In order to justify the effectiveness of the new cure developed for common cold, we will prefer a p-value of 0.001 which is less than 0.05 and also indicates one in thousand chance of being wrong(least chances or error of being wrong)

We reject the null hypothesis if the p-value is less than or equal to 0.05 , which means we may accept the alternate hypothesis which would further justify the effectiveness of new cure developed for common cold.

We will eliminate all the p-values greater than 0.05 because we fail to reject the null hypothesis when the p-value is greater than 0.05.