Answered: The shareholders group claimed that the…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The shareholders group claimed that the mean tenure for a chief executive office (CEO) was less than 10 years. A survey of 44 companies were sampled and the mean tenure was 6.8 years with a standard deviation of 5.1 years. Assume the data 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 0.010.01.

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.)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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