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Interpret P-Value
Assuming null, the probability of obtaining a sample proportion of blank or more/less in a sample of n-items is p-value.
Interpret Power (5 Step Process)
The probability of rejecting null in context at alpha = blank and concluding it’s not null when it’s actually alternative is power.
Important discovery or no
We would expect to find significant results in about alpha% of the n t-tests by chance. Since this is essentially what we got, no, it is not an important discovery.
Interpret Type 1 Error
We reject the null in context is parameter when it really is null. (With Consequence)
Interpret Type 2 Error
We fail to reject null in context is parameter when it really is more (or less) than null (With Consequence)
Type 1 Error
Rejecting the null when the null is true
Type 2 Error
Fail to reject the null when the null is false
Power
Reject the null when the null is false
P(Type 1 Error) =
Alpha
P(Type 2 Error) =
Beta = 1-P(Power)