Explain What Is Meant by a P-Value

question 27

Essay

Explain what is meant by a p-value.

---

Definitions:

Utilization Factor

A measure that assesses how effectively a production resource is used, typically comparing actual output to maximum possible output.

Poisson Distribution

A statistical probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space when these events occur with a known constant mean rate and independently of the time since the last event.

Negative Exponential Distribution

A probability distribution used to model time between independent events that occur at a constant average rate.

Average Arrival Rate

The average rate at which entities (such as customers or products) arrive at a specific point or system over a defined period.