Auto component quality
Question
Let's say you're working to test product quality for an auto manufacturer, and you run a paired t-test with 700 observations covering the time to failure for a particular vehicle component.
The results of your test show that your company's mean quality exceeds your closest competitor by 5 points, with a p-value of 0.02. How would you describe this outcome to a stakeholder? What does this p-value mean exactly?