Question: What is the purpose of the term 'p-value' in statistics?

Answer: The p-value is a measure that helps assess the evidence against a null hypothesis. In statistical hypothesis testing, a low p-value suggests that the observed data is unlikely under the null hypothesis, leading to its rejection.

Example:

If the p-value is 0.05, there is a 5% chance of observing the data if the null hypothesis is true.