A shareholders' group is lodging a protest against your company.
The shareholders group claimed that the mean tenure for a chief
exective office (CEO) was at least 11 years. A survey of 63
companies reported in The Wall Street Journal found a sample mean
tenure of 8.4 years for CEOs with a standard deviation of s=s= 5.5
years (The Wall Street Journal, January 2, 2007). You don't know
the population standard deviation but can assume it is normally
distributed.
You want to formulate and test a hypothesis that can be used to
challenge the validity of the claim made by the group, at a
significance level of α=0.001α=0.001. Your hypotheses are:
Ho:μ≥11Ho:μ≥11
Ha:μ<11Ha:μ<11
What is the test statistic for this sample?
test statistic = (Report answer accurate to 3 decimal
places.)
What is the p-value for this sample?
p-value = (Report answer accurate to 4 decimal
places.)
The Hypothesis:
H0: 11
Ha: < 11
The Test Statistic:
The p value:
The p value (left tail) for df = n - 1 = 62 is 0.0002
A shareholders' group is lodging a protest against your company. The shareholders group claimed that the...
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