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 107 companies reported in The Wall Street Journal found a sample mean tenure of 7.4 years for CEOs with a standard deviation of s=s= 6 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=0.001α=0.001. Your hypotheses are: Ho:μ≥8Ho:μ≥8 Ha:μ<8Ha:μ<8 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 α
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 107 companies reported in The Wall Street Journal found a sample mean tenure of 7.4 years for CEOs with a standard deviation of s=s= 6 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=0.001α=0.001. Your hypotheses are:
Ho:μ≥8Ho:μ≥8
Ha:μ<8Ha:μ<8
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 α
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