Which p-value calculator is best?
While determining the p-value of a null hypothesis might seem like it has little significance to your day-to-day life, the opposite is true. This is especially true when it comes to matters of finance. Understanding and determining p-value can test the accuracy of an investment claim, potentially keeping you from making a costly mistake.
The correct calculator can help you quickly determine the p-value of an investment claim. The Texas Instruments TI-84 Plus CE is a capable calculator with a full-color display, making it easier to track and interpret the data and graphs that can help you make the best financial decisions.
What to know before you buy a p-value calculator
What is p-value?
P-value is a measurement of the probability that something you observed merely happened by chance. The p-value tests the significance of a study to determine if the observations are valid or just random occurrences.
Why is p-value important?
Understanding the p-value can help you understand and predict the outcome of a particular situation. While this may be useful in social and natural sciences, it is also a tool that investors can use. For example, you may be considering an investment plan that has a variable return. From the data obtained, you can determine the average value of returns and the amount of deviation in those returns. Calculating the p-value provides a better understanding of the risks you are taking by investing in this plan.
What to look for in a quality p-value calculator
Besides calculating the p-value, you will want to purchase a model with the following features.
The best p-value calculator has a display that is not only large enough to enter and see several lines of text easily, but it will be crisp with high contrast so you can double-check your entries to make sure they are accurate. Ideally, the screen will display many colors to more easily read the graphic representation of your data.
The keys on some calculators are so sensitive that when your finger brushes atop of one, you may accidentally enter that value. Conversely, a calculator that requires greater pressure might miss a few numbers if you have a delicate touch. The best p-value calculator will have a keypad that offers reliable performance for the type of touch.
Practical key size and layout
If you have large fingers, a p-value calculator with numerous small tightly grouped keys may make it challenging to be accurate with your entry. Look for a calculator with large enough keys for your fingers to strike with acceptable accuracy.
Long battery life
With today’s technology, there is no reason to purchase a calculator that doesn’t offer a long-lasting rechargeable battery. This is not only a greener option, but it will eliminate the ongoing expense of constantly replacing batteries.
Lightweight and durable
The best p-value calculator will be slim and lightweight, so you can easily take it with you wherever you go. However, it must also have a rugged build to withstand the jostling that portable devices need to endure.
How much you can expect to spend on a p-value calculator
If you are shopping for a calculator that is capable of helping you determine p-value, you will be paying $50-$150, with most offerings being around the $100 range.
p-value calculator FAQ
What is a null hypothesis?
A. A null hypothesis is a hypothesis that states a lack of statistical significance between two variables. An example of this would be saying that there is no statistically significant relationship between how much sleep Jim gets the night before a test and how well Jim performs on that test.
What is the level of significance in a hypothesis test?
A. In short, the level of significance chosen during the design of a hypothesis test is the level of confidence you will place on your results. This number can significantly affect the outcome of your hypothesis as it determines the significance of the results. The most common significance levels are 0.10 (1 chance in 10), 0.05 (1 chance in 20) and 0.01 (1 chance in 100).
What’s the best p-value calculator to buy?
Top p-value calculator
What you need to know: Though dated, this offering from Texas Instruments is still the calculator that schools require.
What you’ll love: This is a popular calculator for several reasons. It is thin, lightweight, has a high-resolution screen, a full-color backlit display and more. It can handle various applications from data collection to graphing. This calculator features a rechargeable battery and is approved for PSAT, SAT, ACT and AP exams.
What you should consider: As with any device that can perform complex calculations, this model has a steep learning curve.
Top p-value calculator for the money
What you need to know: For individuals looking for a capable calculator available at less than half the price of higher-end models, the Casio FX-9750GIII is a solid option.
What you’ll love: This entry-level calculator carries a price that will make you happy. It can handle any type of math you need, from geometry and trigonometry to calculus and statistics. For most, this calculator is easy to navigate and offers quick access to the most-used functions.
What you should consider: The screen resolution on this model is not as impressive as higher-priced models.
Worth checking out
What you need to know: This is the model to consider for those looking for a calculator that is a step up from the famed TI-84.
What you’ll love: The TI-Nspire CX II CAS Color Graphing Calculator is the most advanced option, making it suitable for statistics, calculus and more. The calculator can plot functions and equations and graphically create a hypothesis and perform calculations on data. It is compact, lightweight and comes with a rechargeable battery.
What you should consider: When entering numbers quickly, be sure to fully depress each key to be sure all numbers and functions register.
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