In your own words, please define p-value. Discuss with your classmates, what a p-value is and how to interpret its value. Typically, a p-value of 0.05 is used as the significance level. This means that if p > 0.05 wefail to rejectHo (null hypothesis). If p < 0.05 we reject Ho. Discuss whether or not you think 0.05 is too strict or too liberal a value for making statistical claims.