A business school has a goal that the average number of years of work experience of its MBA applicants is more than three years. Historical data suggest that the variance has been constant at around six months, and thus, the population variance can be assumed to be know. Based on last years applications, it was found that among a sample of 47, the average number of years of work experience is 3.1. Can the school state emphatically that it is meeting its goal? Formulate the appropriate hypothesis test and conduct the test. What is the p-value associated with the appropriate hypothesis test for this problem?
A business school has a goal that the average number of years of work experience of its MBA applicants is more than three years. Historical data suggest that the variance has been constant at around six months, and thus, the population variance can be assumed to be know. Based on last years applications, it was found that among a sample of 47, the average number of years of work experience is 3.1. Can the school state emphatically that it is meeting its goal? Formulate the appropriate hypothesis test and conduct the test. What is the p-value associated with the appropriate hypothesis test for this problem?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A business school has a goal that the average number of years of work experience of its MBA applicants is more than three years. Historical data suggest that the variance has been constant at around six months, and thus, the population variance can be assumed to be know. Based on last years applications, it was found that among a sample of 47, the average number of years of work experience is 3.1. Can the school state emphatically that it is meeting its goal? Formulate the appropriate hypothesis test and conduct the test. What is the p-value associated with the appropriate hypothesis test for this problem?
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