A shareholders\' group is lodging a protest against your company. The shareholde

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 10 years. A survey of 53 companies reported in The Wall Street Journal found a sample mean tenure of 7.8 years for CEOs with a standard deviation of s = 6 years (The Wall Street Journal, January 2, 2007). You don't know the population standard deviation but can assume it 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 a = 0.01. Your hypotheses are: H.: > 10 H.: u

Explanation / Answer

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 10 years. A survey of 53 companies reported in The Wall Street Journal found a sample mean tenure of 7.8 years for CEOs with a standard deviation of s = 6 years (The Wall Street Journal, January 2, 2007). You don't know the population standard deviation but can assume it 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 a = 0.01. Your hypotheses are: H.: > 10 H.: u

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