The test indicates a p-value of 001 - what exactly is this, Finance Basics

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The test indicates a p-value of 001 - what exactly is this

Suppose that you wish to test a manager's claim that the proportion of defective items generated by a particular production process has decreased from its long-run historical value of 0.30.

To carry out this test, you obtain a random sample of 300 items produced through this process. The test indicates a p-value of 0.01.

What exactly is this p-value telling you? At what levels of significance can you reject the null hypothesis?

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Finance Basics: The test indicates a p-value of 001 - what exactly is this

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