Question

In: Statistics and Probability

A shareholders' group is lodging a protest against your company. The shareholders group claimed that the...

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 84 companies reported in The Wall Street Journal found a sample mean tenure of 7.6 years for CEOs with a standard deviation of s=s= 5.9 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=0.10α=0.10. Your hypotheses are:

      Ho:μ = 9
      Ha: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.

Solutions

Expert Solution

Answer---->>

Here z value calculate from standard normal distribution table.


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