The policy
Three steps: monitor, quarantine, reject
p= says what to do with email that fails: none delivers it anyway and only asks for reports, quarantine sends it to spam and reject rejects it. You start with none and move up a step when the reports show that all your legitimate email passes.
The value of p=
p=none
monitor only: delivered anyway
p=quarantine
to the spam folder
p=reject
rejected: it doesn't arrive