P-value is one of the most crucial concepts in statistics.
P-value stands for the probability value.  P-value is the probability that, if the null hypothesis is true, the results from another randomly selected sample will be as extreme or more extreme as the results obtained from the given sample.
A large P-value calculated from the data indicates to  not reject the null hypothesis. But a higher P-value does not mean that the null hypothesis is true. The smaller the P-value, the more...

The z score is one of the three measures of relative standing. It describes the location of a value in a dataset relative to the mean. z scores are obtained after the standardization of the values in a dataset. The z score for the mean is 0.
 This score indicates how far a value is from the mean in terms of standard deviation. For example, if a data value has a z score of +1, the researcher can infer that the particular data value is one standard deviation above the mean. If another data...

A percentile indicates the relative standing of a data value when data are sorted into numerical order from smallest to largest. It represents the percentages of data values that are less than or equal to the pth percentile. For example, 15% of data values are less than or equal to the 15th percentile.

z scores are the standardized values obtained after converting a normal distribution into a standard normal distribution. A z score is measured in units of the standard deviation. The z score tells you how many standard deviations the value x is above (to the right of) or below (to the left of) the mean, μ. Values of x that are larger than the mean have positive z scores, and values of x that are smaller than the mean have negative z scores. If x equals the mean, then x has a z score of...

Quartiles are numbers that separate the data into quarters. Quartiles may or may not be part of the data. To find the quartiles, first, find the median or second quartile. The first quartile, Q1, is the middle value of the lower half of the data, and the third quartile, Q3, is the middle value, or median, of the upper half of the data. To get the idea, consider the same data set:
1; 1; 2; 2; 4; 6; 6.8; 7.2; 8; 8.3; 9; 10; 10; 11.5
The median or second quartile is seven. The lower half of the...

A critical value is a definite value obtained from a particular probability distribution at a predecided confidence level (or a predecided significance level) for a given population parameter. The critical value provides demarcation that separates the sample statistics that are likely to occur from the ones that are unlikely to occur based on the given probability distribution and the population parameter to be estimated. The critical value for normal distribution is obtained from the z...