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 82 companies reported in The Wall Street Journal found a sample mean tenure of 7.9 years for CEOs with a standard deviation of 5.6 years (The Wall Street Journal, January 2, 2007).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 0.001. Your hypotheses are:      H0:μ≥10H0:μ≥10       H1:μ<10H1:μ<10What is the test statistic for this sample?   (Report answer accurate to 3 decimal places.)What is the p-value for this sample?   (Report answer accurate to 4 decimal places.)The p-value is less than (or equal to) αα greater than αα This test statistic leads to a decision to reject the null accept the null fail to reject the null As such, the final conclusion is that there is sufficient evidence to conclude that the population mean tenure for CEOs is equal to 10. there is not sufficient evidence to conclude that the population mean tenure for CEOs is equal to 10. there is sufficient evidence to conclude that the population mean tenure for CEOs is less than 10. there is not sufficient evidence to conclude that the population mean tenure for CEOs is less than 10.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...