It Is Desired to Estimate the Mean Total Compensation of CEOs

question 16

Multiple Choice

It is desired to estimate the mean total compensation of CEOs in the Service industry.Data were randomly collected from 18 CEOs and the 95% confidence interval was calculated to be ($2,181,260, $5,836,180) .Which of the following interpretations is correct?

• A)95% of the sampled total compensation values fell between $2,181,260 and $5,836,180.
• B)We are 95% confident that the mean of the sampled CEOs falls in the interval $2,181,260 to $5,836,180.
• C)In the population of Service industry CEOs,95% of them will have total compensations that fall in the interval $2,181,260 to $5,836,180.
• D)We are 95% confident that the mean total compensation of all CEOs in the Service industry falls in the interval $2,181,260 to $5,836,180.

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Definitions:

Face Validity

The degree to which a test appears to measure what it is intended to measure at face value.

Interrater Reliability

The degree of agreement among independent observers or raters assessing the same phenomenon or outcome.

Observer Reliability

The degree to which different observers consistently assess or record behaviors, outcomes, or events in the same way.

Test-Retest Reliability

A measure of the consistency of a psychological test or assessment when the same instrument is administered to the same group of people on two different occasions.