The alpha value represents the level of significance.
For example, it determines how extreme the data must be for the null hypothesis to be rejected.
It is typically set to 0.01, 0.05, or 0.1.
The p-value indicates how close the data is to the extreme.
The p-value and alpha value are compared to determine statistical significance.
If the p-value ≤ alpha, we reject the null hypothesis and conclude that the data is statistically significant. Otherwise, we fail to reject the null hypothesis.
