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 8 years. A survey of 119 companies reported in The Wall Street Journal found a sample mean tenure of 6.8 years for CEOs with a standard deviation of s= 5.7 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=0.005. Your hypotheses are:       Ho:μ≥8       Ha:μ<8 What is the test statistic for this sample? test statistic = (Report answer accurate to two decimal places.) What is the p-value for this sample? p-value = (Report answer accurate to four decimal places.) The p-value is... less than (or equal to) α     greater than α     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 reject the claim that the population mean is less than 8. There is not sufficient evidence to reject the claim that the population mean is less than 8. There is sufficient evidence to support the claim that the population mean is less than 8. There is not sufficient evidence to support the claim that the population mean is less than 8.

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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 8 years. A survey of 119 companies reported in The Wall Street Journal found a sample mean tenure of 6.8 years for CEOs with a standard deviation of s= 5.7 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=0.005. Your hypotheses are:

      Ho:μ≥8
      Ha:μ<8

What is the test statistic for this sample?
test statistic = (Report answer accurate to two decimal places.)

What is the p-value for this sample?
p-value = (Report answer accurate to four decimal places.)

The p-value is...

  • less than (or equal to) α

 

  •  
  • greater than α

 

  •  



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 reject the claim that the population mean is less than 8.
  • There is not sufficient evidence to reject the claim that the population mean is less than 8.
  • There is sufficient evidence to support the claim that the population mean is less than 8.
  • There is not sufficient evidence to support the claim that the population mean is less than 8.
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 8 years. A survey of 119 companies reported in The Wall
Street Journal found a sample mean tenure of 6.8 years for CEOS with a standard deviation of s = 5.7 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 a = 0.005. Your hypotheses are:
H.:µ > 8
Ha:µ < 8
What is the test statistic for this sample?
test statistic =
(Report answer accurate to two decimal places.)
What is the p-value for this sample?
p-value
(Report answer accurate to four decimal places.)
The p-value is...
O less than (or equal to) a
greater than a
This test statistic leads to a decision to...
reject the null
Oaccept the null
O fail to reject the null
As such, the final conclusion is that...
O There is sufficient evidence to reject the claim that the population mean is less than 8.
O There is not sufficient evidence to reject the claim that the population mean is less than 8.
O There is sufficient evidence to support the claim that the population mean is less than 8.
O There is not sufficient evidence to support the claim that the population mean is less than 8.
Transcribed Image Text: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 8 years. A survey of 119 companies reported in The Wall Street Journal found a sample mean tenure of 6.8 years for CEOS with a standard deviation of s = 5.7 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 a = 0.005. Your hypotheses are: H.:µ > 8 Ha:µ < 8 What is the test statistic for this sample? test statistic = (Report answer accurate to two decimal places.) What is the p-value for this sample? p-value (Report answer accurate to four decimal places.) The p-value is... O less than (or equal to) a greater than a This test statistic leads to a decision to... reject the null Oaccept the null O fail to reject the null As such, the final conclusion is that... O There is sufficient evidence to reject the claim that the population mean is less than 8. O There is not sufficient evidence to reject the claim that the population mean is less than 8. O There is sufficient evidence to support the claim that the population mean is less than 8. O There is not sufficient evidence to support the claim that the population mean is less than 8.
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