Periodically, merrill lynch customers are asked to evaluate merrill lynch financial consultants and services. higher ratings on the client satisfaction survey indicate better service

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periodically, merrill lynch customers are asked to evaluate merrill lynch financial consultants and services. higher ratings on the client satisfaction survey indicate better service with the maximum service rating. independent samples of service ratings for two financial consultants are summarized here. consultant a has years of experience, whereas consultant b has year of experience. use and test to see whether the consultant with more experience has the higher population mean service rating. round degrees of freedom to previous whole number.

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Testing the Difference in Population Mean Service Ratings for Two Financial Consultants

Introduction and Hypotheses:
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services, where higher ratings indicate better service. Independent samples of service ratings for two financial consultants are provided. Consultant A has X years of experience, while consultant B has Y years of experience. We will use a t-test to determine if the consultant with more experience has a higher population mean service rating.

Hypotheses:

  • Null Hypothesis (H_0): There is no difference in service ratings between Consultant A and Consultant B. In other words, μ_a = μ_b.
  • Alternative Hypothesis (H_1): Consultant A has a statistically significantly higher service rating than Consultant B. Therefore, μ_a > μ_b.

Sampling and T-Test Procedure:

  1. Initially, we will work with the service rating data and experience durations for both consultants.
  2. We will calculate the standard deviation, sample size, and mean for each consultant group.
  3. Compute the t-value, which is crucial for the t-test, and make a decision based on it.
  4. Finally, compare the calculated t-value with the degrees of freedom and the significance level.

These steps can be performed using a statistical program or calculation tool. If the data is provided clearly, these tests can be applied to determine if there is a statistically significant difference in the service ratings between the consultants.