Question
According to Advertising Age s annual salary review, Mark Hurd, the 49-year-old chairman, president, and CEO of Hewlett-Packard Co., received an annual salary of $817,000,
According to Advertising Ages annual salary review, Mark Hurd, the 49-year-old chairman, president, and CEO of Hewlett-Packard Co., received an annual salary of $817,000, a bonus of more than $5 million, and other compensation exceeding $17 million. His total compensation was slightly better than the average CEO total pay of $12.4 million. The following table shows the age and annual salary (in thousands of dollars) for Mark Hurd and 14 other executives who led publicly held companies (Advertising Age, December 5, 2006).
Executive | Title | Company | Age | Salary ($1000s) |
Charles Prince | Chmn/CEO | Citigroup | 56 | 1000 |
Harold McGraw III | CHMN/Pres/CEO | McGraw-Hill Cos | 57 | 1172 |
James Dimon | Pres/CEO | JP Morgan Chase & Co. | 50 | 1000 |
K. Rupert Murdoch | Chmn/CEO | News Corp | 75 | 4509 |
Kenneth D. Lewis | CHMN/Pres/CEO | Bank of America | 58 | 1500 |
Kenneth I. Chenault | Chmn/CEO | American Express Co. | 54 | 1092 |
Louis C. Camilleri | Chmn/CEO | Altria Group | 51 | 1663 |
Mark Hurd | CHMN/Pres/CEO | Hewlett-Packard Co. | 49 | 817 |
Martin S. Sorrell | CEO | WPP Group | 61 | 1562 |
Robert L. Nardelli | CHMN/Pres/CEO | Home Depot | 57 | 2164 |
Samuel J. Palmisano | CHMN/Pres/CEO | IBM Corp | 55 | 1680 |
65David C. Novak | CHMN/Pres/CEO | Yum Brands | 53 | 1173 |
Henry R. Silverman | Chmn/CEO | Cendant Corp. | 65 | 3300 |
Robert C. Wright | Chmn/CEO | NBC Universal | 62 | 2500 |
Sumner Redstone | CHMN/Pres/CEO | Viacom | 82 | 5807 |
1. Based on the information given in the problem, determine which of the two variables of interest is the independent variable and the dependent variable?
2. Develop a scatter diagram. Calculate the correlation coefficient and interpret the results.
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