The p-value determines if the result of the test is significant or not. Very small values of p, show that the result is significant.
Based on p-value, the null hypothesis is rejected based on following criteria:
1) P-value ≤ Significance Level (α) In this case, the null hypothesis is rejected. This shows the results do not just occur by chance and are significant.
2) P-value > Significance Level (α) In this case, we fail to reject the null hypothesis. This shows the results are not significant.
p-value of 0.008 is very small value. Usually the α value is set to be 0.01 or 0.05, but it may vary depending on the problem we are dealing with. So such a small p-value signifies that the result is significant.
