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The P-Value stands for “probability” which translates to “likelihood.” It indicates how likely it is that something has happened to random chance. As an example, say someone conducts a hypothesis test to see if a process has truly improved. If the resulting P-Value is less than .05 then there is a less than 5% likelihood that the difference in the process is due to random chance. This means there’s a 95% likelihood that the process has truly improved.

For a better understanding of P-Values and an overview of Lean Six Sigma, check out our Lean Six Sigma Black Belt Training and Certification.

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