Table of Contents.What is the P-Value Formula?P is a statistical measure that helps researchers to determine whether their hypothesis is correct. It helps determine the significance of results. The null hypothesis is a default position that there is no relationship between two measured phenomena. It is denoted by H 0. An alternative hypothesis is the one you would believe if the null hypothesis is concluded to be untrue.

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Its symbol is H 1 or H a.is a number between 0 and 1. There are tables, spreadsheet programs and statistical software to help calculate the p-value. Level of significance (α) is a pre-defined threshold set by the researcher. It is generally 0.05. A very small p-value, which is lesser than the level of significance indicates that you reject the null hypothesis. P value which is greater than the level of significance indicates that we fail to reject the null hypothesis.

Explanation of the P-Value FormulaThe formula for the calculation of the p-value can be derived by using the following steps: Calculating P-Value from a Z StatisticStep 1: We need to find out the test statistic zWhere. is Sample Proportion. p0 is Assumed Population Proportion in the Null Hypothesis. n is the Sample SizeStep 2: We need to find the corresponding level of p from the z value obtained. For this purpose, we need to look at the z table.Source:For instance, let us find the value of p corresponding to z ≥ 2.81. Since normal distribution is symmetric, negative values of z are equal to its positive values.

2.81 is a sum of 2.80 and 0.01. Look at 2.8 in z column and the corresponding value of 0.01. We get p = 0.0025.

Examples of P-Value Formula (with Excel Template)Let’s see some simple to advanced examples of P-Value equation to understand it better. B) Since p-value of 0.0129 is less than the level of significance of 0.05, we reject the null hypothesis.

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Example #227% of people in India speak Hindi as per a research study. A researcher is curious if the figure is higher in his village. Hence, he frames the null and alternate hypothesis.

He tests H 0: p = 0.27. H a: p 0.27. Here, p is the proportion of people in the village who speak Hindi.

He commissions a survey in his village to find out the number of people who can speak Hindi. He finds that 80 out of 240 people sampled can speak Hindi. Find out the approximate p-value for the researcher’s test if we were to assume that the necessary conditions are met and the significance level is 5%.Solution:Use the following data for the calculation of P-Value.Here, the sample size n = 240,p 0 is population proportion We will have to find the sample proportion= 80 / 240= 0.33Z StatisticCalculation of Z Statistic=0.33 – 0.27 / √ 0.27. (1 – 0.27 ) / 240Z Statistic will be –Z = 2.093696P Value will be –P Value = P (z ≥ 2.09)We have to look at the value of 2.09 is the z table. So, we have to look at -2.0 in z column and the value in 0.09 column. Since normal distribution is symmetrical, the area to the right of the curve is equal to that on the left. We get the p-value as 0.0183.P Value = 0.0183Since the p-value is less than significant level of 0.05 (5%), we reject the null hypothesis.Note: In Excel, the p-value is coming as 0.0181 Example #3Studies show that a higher number of flight tickets are bought by males as compared to females.

They are bought by males and females in the ratio of 2:1. The research was carried out at a particular airport in India to find the distribution of air tickets among males and females. Out of 150 tickets, 88 tickets were bought by males and 62 by females. We need to find out if the experimental manipulation causes the change in the results, or we are observing a chance variation.

Calculate the p-value assuming the degree of significance is 0.05.Solution:Use the following data for the calculation of P-Value.Step 1: The observed value is 88 for males and 62 for females. Expected Value for males = 2/3.

150 = 100 males. Expected Value for females = 1/3. 150 = 50 femalesStep 2: Find out chi-square=((88-100) 2)/100 + (62-50) 2/50=1.44+2.88Chi-Square (X^2)Chi-Square(X^2) will be –Chi-Square(X^2) = 4.32Step 3: Find the degrees of freedomSince there are 2 variables – males and females, n=2Degrees of freedom = n-1 = 2-1 = 1Step 4: From the p-value table, we look at the first row in the table as the degree of freedom is 1.We can see that p-value is between 0.025 and 0.05.

Since the p-value is less than the degree of significance of 0.05, we reject the null hypothesis.P Value will be –P Value = 0.037666922Note: Excel directly gives the p-value using the formula:CHITEST (actual range, expected range) Example #4It is known that 60% of the people who enter apparel stores in a city purchase something. An apparel shop owner wanted to find if the number is higher for the apparel shop owned by him. He already had the results of a study conducted for his shop. 128 out of 200 people who entered his shop purchased something. The shop owner denoted pas the proportion of people who entered his apparel shop and purchased something.

The null hypothesis framed by him was p = 0.60 and the alternate hypothesis was p 0.60. Find the p-value for the research at a significance level of 5%.Solution:Use the following data for the calculation of P-Value.Here, the sample size n = 200. We will have to find the sample proportion= 128 / 200. = 0.64Z StatisticCalculation of Z Statistic= 0.64 – 0.60 / √ 0.60. (1 – 0.60) /200Z Statistic will be –Z Statistic = 1.1547P Value = P (z ≥ 1.1547)NORMSDIST will be –NORMSDIST = 0.875893461There is an inbuilt function to calculate a p-value from a z statistic in Excel. It is known as the NORMSDIST function.

The Excel NORMSDIST function calculates the Standard Normal Cumulative Distribution Function from a supplied value. Its format is NORMSDIST(z).

Since z statistic value is in cell B2, the function used is = NORMSDIST(B2).P Value will be –P Value = 0.12410654Since we have to find the area to the right of the curve,p-value = 1 – 0.875893 = 0.124107Since p-value of 0.124107 is more than significant level of 0.05, we fail to reject the null hypothesis. Relevance and UseP Value has wide applications in, specifically in null hypothesis testing. For instance, a Fund Manager runs a mutual fund. He claims that the returns from a particular scheme of the mutual fund are equivalent to Nifty, which is the benchmark stock market index. He would frame the null hypothesis that the returns of the mutual fund scheme are equivalent to that of Nifty. The alternative hypothesis would be that the Scheme’s returns and Nifty returns are not equivalent.

He would then calculate the p-value. Recommended ArticlesThis has been a guide to P-Value Formula. Here we discuss how to calculate the p-value, z statistic with practical examples and downloadable excel template. You can learn more about excel modeling from the following articles –.

When it comes to calculating dates in Excel, DATE is the most essential function to understand. As you probably know, Excel does not keep the year, month and day for a date, nor does it explicitly store weekday information in a cell. Instead, Microsoft Excel and this is the main source of confusion.Not all Excel date functions can recognize dates entered as text values, therefore it's not recommended to supply dates directly in calculations. Instead, you should use the DATE function to get a serial number representing the date, the number that Excel understands and can operate on.Excel DATE function syntaxWhat the Excel DATE function does is return the serial number of a specified date. It has the following arguments. DATE(year, month, day)Year - represents the year of the date. Excel interprets the year argument according to the date system set up on your computer.

By default, Microsoft Excel for Windows uses the 1900 system. In this date system:. If year is between 1900 and 9999 inclusive, exactly that value is used for the year. For example, =DATE(2015, 12, 31) returns December 31, 2015. If the year argument is between 0 and 1899 inclusive, Excel calculates the year by adding the specified number to 1900. For example, =DATE(100, 12, 31) returns December 31, 2000 (1900 + 100). If year is less than 0 or greater than 9999, a DATE formula will return the #NUM!

To avoid confusion, always supply four digit years. For example, if you input '01' or '1' in the year argument, your DATE formula will return the year of 1901.Month - an integer representing the month of the year, from 1 (January) to 12 (December). If month is greater than 12, Excel adds that number to the first month in the specified year.

For example, =DATE(2015, 15, 5) returns the serial number representing March 1, 2016 (January 5, 2015 plus 15 months). If month is less than 1 (zero or negative value), Excel subtracts the magnitude of that number of months, plus 1, from the first month in the specified year.

For example, =DATE(2015, -5, 1) returns the serial number representing July 1, 2014 (January 1, 2015 minus 6 months).Day - an integer corresponding to the day of the month, from 1 to 31.As well as month, the day argument can be supplied as a positive and negative number, and Excel calculates its value based on the same principles as described above. At first sight, supplying negative values in the month or day argument of the Excel DATE function may seem absurd, but in practice it may turn out quite useful, for example in the complex formula that.The DATE function is available in all versions of Excel 2013, Excel 2010, Excel 2007, 2003, XP, 2000 as well as in Excel 2016. Excel DATE formula examplesBelow you will find a few examples of using DATE formulas in Excel beginning with the simplest ones. A simple DATE formula to return a serial number for a dateThis is the most obvious use of the DATE function in Excel:=DATE(2015, 5, 20) - returns a serial number corresponding to 20-May-2015.Instead of specifying the values representing the year, month and day directly in a date formula, you can get some or all arguments as results of other Excel date functions:=DATE(YEAR(TODAY), 1, 1) - returns the serial number for the first day of the current year.=DATE(YEAR(TODAY), MONTH(TODAY, 1) - returns the serial number for the first day of the current month in the current year.Example 2. Excel DATE formula to return a date based on values in other cellsThe DATE function is very helpful for calculating dates where the year, month, and day values are stored in other cells. For example:=DATE(A2, A3, A4) - returns the serial number for the date, taking the values in cells A2, A3 and A4 as the year, month and day arguments, respectively.Example 3.

DATE formula to convert a text string to a dateAnother scenario when the Excel DATE function proves useful is when the dates are stored in the format that Microsoft Excel does not recognize, for instance DDMMYYYY. In this case, you can use DATE in liaison with other functions to convert a date stored as a text string into a serial number representing the date:=DATE(RIGHT(A2,4), MID(A2,3,2), LEFT(A2,2))Example 4. Adding and subtracting dates in ExcelAs already mentioned, Microsoft Excel stores dates as serial numbers and operates on those numbers in formulas and calculations.

That is why when you want to add or subtract some days to/from a given date, you need to convert that date to a serial number first by using the Excel DATE function.