Step 1 :Given values are: population mean \(\mu = 4915\), sample mean \(\bar{x} = 5117\), standard deviation \(s = 5725\), sample size \(n = 54\), and level of significance \(\alpha = 0.01\).
Step 2 :Calculate the t statistic using the formula: \(t = \frac{\bar{x} - \mu}{s / \sqrt{n}}\).
Step 3 :Substitute the given values into the formula to get: \(t = \frac{5117 - 4915}{5725 / \sqrt{54}}\).
Step 4 :The calculated t statistic is approximately 0.26.
Step 5 :Calculate the p-value using the t statistic and the degrees of freedom (n-1).
Step 6 :The calculated p-value is approximately 0.398.
Step 7 :Since the p-value is greater than the level of significance (0.01), we fail to reject the null hypothesis.
Step 8 :This means that we do not have enough evidence to support the claim that the population mean is less than 4915.
Step 9 :The final answer is: The standardized test statistic \(t\) is approximately \(\boxed{0.26}\) and the \(P\)-value is approximately \(\boxed{0.398}\).