‫Instructor: Hey guys, welcome back.
‫In this lecture,
‫you will gain a high level overview of P value.
‫Let's begin.
‫P value is a probability value
‫that is an output of any statistical analysis
‫performed on Minitab.
‫In this yellow belt program, in the next few sessions
‫you will learn to create a run chart.
‫A run chart helps us identify
‫if the data is stable or unstable.
‫The output of this run chart is a graph and a P value.
‫This P value is critical to seek the required inferences
‫from this chart.
‫P value is a common output of any statistical analysis.
‫This P value always ranges between zero and one.
‫What will you do with this value?
‫You're going to compare it with 0.05.
‫for the run chart, if the P value is greater than 0.05,
‫you can infer that the data is stable,
‫and if it is less than 0.05
‫the inference is that the data is not stable.
‫You will learn more on this
‫in the lecture on data stability.
‫A yellow belt is rarely required
‫to do any complex statistical analysis.
‫However, a basic know how of P value
‫at this level is good enough.
‫Hence, I have added this as a separate chapter
‫and kept this discussion, at this high level.
‫You will gain an in-depth understanding
‫of these statistical concepts such as P value
‫in advanced six sigma programs
‫such as green belt and black belt.
‫With that, let's conclude this discussion now.
‫Thank you for attending this lecture.
‫See you in the next one.