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 9 years. A survey of 64 companies reported in The Wall Street Journal found a sample mean tenure of 5.9 years for CEOs with a standard deviation of s=s= 5.7 years (The Wall Street Journal, January 2, 2007). You don't know t
A shareholders' group is lodging a protest against your company. The shareholders group claimed that the
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=0.002α=0.002. Your hypotheses are:
Ho:μ≥9Ho:μ≥9
Ha:μ<9Ha:μ<9
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 p-value is...
- less than (or equal to) αα
- greater than αα
This test statistic leads to a decision to...
- reject the null
- accept the null
- fail to reject the null
As such, the final conclusion is that...
- There is sufficient evidence to warrant rejection of the claim that the population mean is less than 9.
- There is not sufficient evidence to warrant rejection of the claim that the population mean is less than 9.
- The sample data support the claim that the population mean is less than 9.
- There is not sufficient sample evidence to support the claim that the population mean is less than 9.
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