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 67 companies reported in The Wall Street Journal found a sample mean tenure of 9 years for CEOs with a standard deviation of s=s= 4.8 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=0.05. Your hypotheses are: Ho:μ≥11 Ha: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.)
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 67 companies reported in The Wall Street Journal found a sample mean tenure of 9 years for CEOs with a standard deviation of s=s= 4.8 years (The Wall Street Journal, January 2, 2007). You don't know the population standard deviation but can assume it is
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=0.05. Your hypotheses are:
Ho:μ≥11
Ha: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.)
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