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 85 companies reported in The Wall Street Journal found a sample mean tenure of 9.6 years for CEOs with a standard deviation of s= 4.2 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=0.02. Your hypotheses are: Ho:μ=11 Ha:μ<11 What is the test statistic for this sample? Recall that the test statistic shows up in the calculator's results of the test. a)test statistic = ______________(Report answer accurate to 3 decimal places.) b)What is the p-value for this sample? p-value = _______________ (Report answer accurate to 4 decimal places.)
1)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 85 companies reported in The Wall Street Journal found a sample mean tenure of 9.6 years for CEOs with a standard deviation of s= 4.2 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=0.02. Your hypotheses are:
Ho:μ=11
Ha:μ<11
What is the test statistic for this sample? Recall that the test statistic shows up in the calculator's results of the test.
a)test statistic = ______________(Report answer accurate to 3 decimal places.)
b)What is the p-value for this sample?
p-value = _______________ (Report answer accurate to 4 decimal places.)
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