I got to know about the connection between p-values and the base 2 logarithm is to quantify the significance of the results. By calculating -log(2, p), where p is the p-value, we can relate the p-value’s magnitude to the likelihood of observing an event as extreme as the one we’ve encountered. This approach provides a framework for understanding the statistical significance of our findings. when dealing with weighted coins or non-standard situations, our intuition becomes less reliable. We lack an intuitive grasp of what constitutes a rare event in these cases. Therefore, p-values are particularly valuable when working with situations where our intuitive judgments may not apply, helping us objectively assess the significance of our observations.
Overall, p-values serve as a crucial tool in quantifying the significance of observed outcomes and making objective decisions in various fields, even when intuitive judgments may not suffice