Final answer:
The computed p-value is the probability of observing a test statistic at least as big as the one we have if there were no effect in the population. It is used to determine if the results are statistically significant.
Step-by-step explanation:
The computed p-value is the probability of observing a test statistic at least as big as the one we have if there were no effect in the population (i.e., the null hypothesis were true).
The p-value is used to determine if the results are statistically significant, meaning that the observed test statistic is unlikely to occur by chance if the null hypothesis is true.
If the p-value is smaller than a chosen level of significance, typically 0.05 or 0.01, we reject the null hypothesis in favor of the alternative hypothesis.