What is the difference between a confidence interval and a p-value?

What is the difference between a confidence interval and a p-value?

A confidence interval estimates a range of values for a population parameter, while a p-value assesses the strength of evidence against a null hypothesis.

Can you give me an example of how to use both in a study?

Sure! In a clinical trial, a confidence interval might show the range of effectiveness of a new drug, while a p-value could indicate whether the results are statistically significant.

How do I interpret a p-value of 0.03?

A p-value of 0.03 suggests that there is a 3% probability of observing the data, or something more extreme, if the null hypothesis is true. This typically indicates strong evidence against the null hypothesis.

What are the common misconceptions about p-values?

Common misconceptions include thinking that a p-value indicates the probability that the null hypothesis is true, or that a p-value of 0.05 is a strict cutoff for significance.