The p-value (probability value) is defined as the probability of obtaining a test statistic result as extreme as, or more extreme than, the one actually observed, assuming that the null hypothesis ($H_0$) is entirely true.
It serves as a numerical measure of the weight of evidence either in favor of or against the stated null hypothesis.
Because it represents a mathematical probability, the p-value always lies on a scale between 0 and 1.
It specifically indicates how likely it is that random chance generated the collected data (or a rarer outcome) in a hypothetical scenario where there is absolutely no real difference or association between the groups being studied.

To make a definitive statistical decision, the calculated p-value is compared against a pre-specified level of significance, denoted by the Greek letter alpha ($\alpha$), which is conventionally set at 0.05 (a 5% risk threshold).
The smaller the p-value, the stronger the statistical evidence against the null hypothesis, indicating that the observed data would be highly unusual if $H_0$ were actually true.
Conversely, a high p-value indicates weak evidence against the null hypothesis, suggesting that the data are highly consistent with $H_0$.
A p-value less than $\alpha$ (e.g., $p < 0.05$) indicates that there is less than a 5% probability of observing such a difference merely by chance; thus, the result is deemed "statistically significant" and the null hypothesis is firmly rejected.
A p-value greater than or equal to $\alpha$ means there is insufficient evidence to reject the null hypothesis, and the result is described as "not statistically significant".

Scenario	Comparison with Alpha ($\alpha=0.05$)	Statistical Decision	Clinical Implication
P-value < 0.05	Less than the significance level.	Reject the Null Hypothesis ($H_0$).	Strong evidence of a statistically significant difference or association.
P-value $\ge$ 0.05	Greater than or equal to the significance level.	Fail to reject the Null Hypothesis ($H_0$).	Insufficient evidence; the observed difference may simply be due to chance.

The p-value is strictly an indicator of statistical significance and provides absolutely no information regarding the clinical implication, practical importance, or magnitude of the observed difference.
It does not convey the size of the treatment effect; understanding the true clinical effect size requires the concurrent use of Confidence Intervals (CI).
With extremely large sample sizes, even tiny, clinically irrelevant differences can easily produce highly significant (very small) p-values.

A widespread and incorrect assumption is that the p-value represents the probability that the null hypothesis itself is true.
Another common fallacy is interpreting the p-value as the absolute probability that the data arose entirely by chance.
Failing to reject the null hypothesis due to a high p-value does not mean the null hypothesis has been proven to be true; it merely indicates a lack of sufficient data to disprove it.

Exact p-values should be reported rather than using vague threshold statements like "$P < 0.05$", "$P \ge 0.05$", or "NS" (not significant).
Reporting exact values allows researchers to interpret the p-value as a continuum of evidence rather than a strict binary category.
If statistical software outputs a p-value of "0.000", it must be reported as $p < 0.001$, as the probability is very small but mathematically never exactly zero.
Similarly, if the software outputs a p-value of exactly 1, it should be accurately reported as $p > 0.999$.