document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1190194>Question 1190194</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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.\r<BR>\n" );
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document.write( "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, <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #821789 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=821789\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Ho: mean is >=8 years<BR>\n" );
document.write( "Ha: mean is <8 years<BR>\n" );
document.write( "alpha=0.05 p{reject Ho|Ho true}<BR>\n" );
document.write( "test is a one sample t-test with left tail 0.05 df=22<BR>\n" );
document.write( "critical value t<-1.717<BR>\n" );
document.write( "t=(7.4-8)/6/sqrt(23)<BR>\n" );
document.write( "=-0.6*sqrt(23)/6=-0.48<BR>\n" );
document.write( "fail to reject Ho p-value = 0.31<BR>\n" );
document.write( "insufficient evidence to conclude that the tenure is fewer than 8 years. </SPAN>\n" );
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