I've got an extremely limited understanding of statistics, and every explanation I've found uses further technical terms that I don't understand.
I'm trying to figure out:
- What exactly is posterior probability
- What exactly is a p-value (my understanding of this is that if your p-value is beneath your cut off then it suggests that your observation was not by chance, and the smaller your p-value is, the less it might be the case that it was chance. But I don't actually know what a p-value is)
- Are they interchangeable? What would be the difference between using one or the other? Are they suited to different things specifically?
Apologies for asking such a basic question, I'm really confused and no amount of basic explanations are actually basic enough.