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A P-value of 0.5 means that the probability of the difference having happened by chance is 0.5 in 1, or 50:50.
P=0.05 means that the probability of the difference having happened by chance is 0.05 in 1. i.e. 1 in 20.
it is the figures frequently quoted as 'statistically significant', i.e. unlikely to have happened by chance and therefore important.
Remember the lower the P value, the less likely it is that the difference happened by chance and so higher the significance of the finding. If P is low Null must Go!
So a P-value 0.01 is often considered to be 'highly significant'. it means that the difference will only have happened by chance 1 in 100 times.
If P-value 0.001 means the difference will have happened by chance 1 in 1000 times, even less likely, but still just possible. considered 'very significant'
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