Question

A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive officer (CEO) was at least nine years. A survey of companies reported in The Wall Street Journal found a sample mean tenure of x = 7.47 years for CEOs with a standard deviation of s = 6.38 years. (a) Choose the correct hypotheses that can be used to challenge the validity of the claim made by the shareholders' group. H0: μ years Ha: μ years (b) Assume that 85 companies were included in the sample. What is the p value for your hypothesis test? If required, round your answer to four decimal places. (c) At α = 0.01, what is your conclusion? We the null hypothesis. We conclude that the mean tenure for a CEO is shorter than nine years.

Answer 1