Z Score, Z Statistics and P value
What is a Z score or Z statistics? Firstly Z score and Z statistics is the same. It is a measure of the number of standard deviations a data point is away from the sample mean. Mathematically this is written as: z=x-ˉxσ where z = Z score or Z statistics x = data point ˉx = sample mean σ = sample standard deviation The mathematical equation of standard deviation is: σ=√x-ˉxN where N = number of sample points What is P value? The P value is the probability that a particular value assuming the null hypothesis is true. Conventionally a P value of less than 0.05 is grounds for rejecting the null hypothesis. For the lower-tailed test or left-tailed test, the P value is expressed as: P=Pr(TS≤ts∣H0)=cdf(ts) And for the upper-tailed test or right-tailed test, the P value is expressed as: P=Pr(TS≥ts∣H0)=1-cdf(ts) And the P value for a two-tailed test is `P = 2 xx min{Pr(TS<=ts |H_0), Pr(TS>...