Statistical significance, often represented by the term p < . 05, has a very straightforward meaning. If a finding is said to be “statistically significant,” that simply means that the pattern of findings found in a study is likely to generalize to the broader population of interest. That is it. 05 simply meaning 5%.Click to see full answer. Regarding this, what does P 0.05 mean in psychology?The level of statistical significance is often expressed as a p-value between 0 and 1. A p-value less than 0.05 (typically ≤ 0.05) is statistically significant. It indicates strong evidence against the null hypothesis, as there is less than a 5% probability the null is correct (and the results are random).Additionally, what does .05 mean in statistics? No statistical package will show you "95%" or ". 95" to indicate this level. Instead it will show you ". 05," meaning that the finding has a five percent (. 05) chance of not being true, which is the converse of a 95% chance of being true. Also to know, what is the meaning of p value? In statistics, the p-value is the probability of obtaining results as extreme as the observed results of a statistical hypothesis test, assuming that the null hypothesis is correct. A smaller p-value means that there is stronger evidence in favor of the alternative hypothesis.How is P value calculated?There are two cases: If your test statistic is negative, first find the probability that Z is less than your test statistic (look up your test statistic on the Z-table and find its corresponding probability). Then double this probability to get the p-value. Then double this result to get the p-value.