In hypothesis testing, which value represents the probability that an observed result occurred purely due to random chance, assuming the null hypothesis is true?

The p-value quantifies the probability of observing results as extreme as (or more extreme than) those obtained, purely by random chance, if the null hypothesis were actually true. A conventionally small p-value (commonly <0.05) suggests the observed result is unlikely to be due to chance alone, supporting rejection of the null hypothesis.