Question

In your own words, distinguish between ? and p. Give a definition of ? and p as part of your response.

Answer 1

As you have not specified what is α and P, so I have considered α to be the significance level and P to be the P value or Probability..

Alpha:

'α' normally refers to the likelihood that the population parameter (eg. mean, median etc) lies outside/away from the confidence interval. 'α' is usually written in the form of a proportion.

For example, if the confidence level is 99%, then 'α' would equal 1 - 0.99 or 0.01.

In the case of hypothesis tests, 'α' refers to the level of significance which is nothing but the probability of making a Type 1 error.

P Value:

End of the Solution