Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financ
ID: 3385990 • Letter: P
Question
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population mean service rating.
s.
H0: 1 - 2
Ha: 1 - 2
Compute the value of the test statistic (to 2 decimals).
What is the p-value?
The p-value is
What is your conclusion?
Consultant A Consultant B N = 16 N = 10 X= 6.82 X= 6.25 S= 0.7 S = 0.8Explanation / Answer
Set Up Hypothesis
Null, Ho: u1 = u2
Alternate, consultant with more experience has the higher population mean - H1: u1 > u2
Test Statistic
X(Mean)=6.82
Standard Deviation(s.d1)=0.7 ; Number(n1)=16
Y(Mean)=6.25
Standard Deviation(s.d2)=0.8; Number(n2)=10
we use Test Statistic (t) = (X-Y)/Sqrt(s.d1^2/n1)+(s.d2^2/n2)
to =6.82-6.25/Sqrt((0.49/16)+(0.64/10))
to =1.853
| to | =1.853
Critical Value
The Value of |t | with Min (n1-1, n2-1) i.e 9 d.f is 1.833
We got |to| = 1.85299 & | t | = 1.833
Make Decision
Hence Value of | to | > | t | and Here we Reject Ho
P-Value:Right Tail -Ha : ( P > 1.853 ) = 0.04844
Hence Value of P0.05 > 0.04844,Here we Reject Ho
We have evidence to indicate consultant with more experience has the higher population mean
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.