Asked about Hypothesis tests and intervals, practically
What does a p-value of 0.03 mean?
An answer that works
If there were no real effect, data at least this extreme would occur about 3% of the time. It does not mean there is a 97% chance the effect is real, and it says nothing about the effect's size.
Then they push further
You test 20 metrics and one has p = 0.03. Should you trust it?
Not much. With 20 tests at the 5% level you expect about one false positive by chance. Correct for multiple comparisons or treat it as a hypothesis to confirm with new data.
What gets marked up
Precise wording matters here. Candidates who say 'the probability the null is true' are marked down.
Reading an answer is not being able to give one. The section that teaches this is Hypothesis tests and intervals, practically, 4 hours of Probability & statistics.
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