SOLUTION: The shareholders group claimed that the mean tenure for a chief executive officer (CEO) was less than 8 years. A survey of 23 companies were sampled and the mean tenure was 7.4 yea
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Question 1190194: The shareholders group claimed that the mean tenure for a chief executive officer (CEO) was less than 8 years. A survey of 23 companies were sampled and the mean tenure was 7.4 years with a standard deviation of 6 years. Assume the data 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 0.05. Run the hypothesis test at the standard alpha level of 5%, summarize the result,
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Ho: mean is >=8 years
Ha: mean is <8 years
alpha=0.05 p{reject Ho|Ho true}
test is a one sample t-test with left tail 0.05 df=22
critical value t<-1.717
t=(7.4-8)/6/sqrt(23)
=-0.6*sqrt(23)/6=-0.48
fail to reject Ho p-value = 0.31
insufficient evidence to conclude that the tenure is fewer than 8 years.
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