A market researcher at a major clothing company that has traditionally relied on catalog mail-order sales decides to investigate whether the amount of monthly online sales has changed. She compares the mean monthly online sales of the past several months with a historical figure for mean monthly sales for online purchases. She gets a P-value of 0.01. Explain in this context what the 1% means.
What does the 1% P-value mean?
A) Online purchases make up 1% of all sales. The resulting mean sales would not occur assuming the historical mean for sales.
B) Online purchases make up 1% of all sales. Because the percentage of online sales is so small, the resulting mean is insignificant
C) If the mean monthly sales due to online purchases has changed, there is a 1% chance (or 1 out of every 100 samples) that the resulting mean sales would not occur assuming the historical mean for sales.
D) If the mean monthly sales due to online purchases has not changed, there is a 1% chance (or 1 out of every 100 samples) that the resulting mean sales would occur assuming the historical mean for sales.