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In this question, we want to compare the advantages of hypothesis testing via two approaches.
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First, the classical approach, which uses critical values.
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And secondly, the p -value approach, which relies on the development of p -value based on our sample data.
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So let's first dive into the p -value advantages.
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Remember that this question is testing our knowledge of hypothesis testing, particularly hypothesis -tested parameters.
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As such, we need to understand how classical and p -value approaches differ.
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There's other approaches like the confidence interval approach, but for now we'll just compare these to.
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So, p -value advantages, getting right into it...