Question

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 11 years. A survey of 109 companies reported in The Wall Street Journal found a sample mean tenure of 10.6 years for CEOs with a standard deviation of 4.1 years (The Wall Street Journal, January 2, 2007). 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 0.05. Your hypotheses are: H 0 : μ ≥ 11 H 1 : μ < 11 What is the test statistic for this sample? (Report answer accurate to 3 decimal places.) What is the p-value for this sample? (Report answer accurate to 4 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 conclude that the population mean tenure for CEOs is equal to 11. there is not sufficient evidence to conclude that the population mean tenure for CEOs is equal to 11. there is sufficient evidence to conclude that the population mean tenure for CEOs is less than 11. there is not sufficient evidence to conclude that the population mean tenure for CEOs is less than 11.

Answer 1