Question

what is the difference between P-value and Traditional/Critical value methods in hypothesis testing?

Answer 1

Answer:

Given that:

What is the difference between P-value and Traditional/Critical value methods in hypothesis testing?

The critical value method sets a finite value so that you know when to reject the null hypothesis based on a fixed level.The advantages of this method is that one can define the rejection region in terms of sample mean and thus make the conclusions

The P-value is the probability of the test statistics being at least as extreme as the one observed given that the null hypothesis is true.A small P-value is an indication that the null hypothesis is false

The two methods are relted in the conclusion at the same level.For both methods are conclusion will be the same