In: Statistics and Probability
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...
This test statistic leads to a decision to...
As such, the final conclusion is that...