What is a p-value, and what does 0.03 practically mean?

This tests your ability to interpret statistical results and translate them into a business recommendation. A strong answer defines p-value (probability of observing the result if there's no real effect), notes 0.03 is below the typical 0.05 threshold, and concludes the result is statistically significant, so we can reject the null hypothesis. The key red flag is misinterpreting the p-value as the probability that the new feature is actually better or that the result is simply due to random chance.