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 8 years. A survey of 79 companies reported in The Wall Street Journal found a sample mean tenure of 6.6 years for CEOs with a standard deviation of 5.5 years (The Wall Street Journal, January 2, 2007).
A shareholders group is lodging a protest against your company. The shareholders group cdaimed that the mean tenure for a ch

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Answer #1

Solution :

Given that,

Population mean = \mu = 7

Sample mean = \bar x = 6.6

Sample standard deviation = s = 5.5

Sample size = n = 79

Level of significance = \alpha = 0.10

This is a left tailed test.

The test statistics,

t = ( \bar x - \mu )/ (s/\sqrt{n})

= ( 6.6 - 7 ) / ( 5.5 / \sqrt{} 79 )

= -0.539

P- Value = 0.2958

Greater than \alpha .

Fail to reject null hypothesis.

There is not sufficient evidence to conclude that the population mean tenure for CEOs is less than 8.

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