The purpose of the assignment is to develop students’ abilities in using datasets to apply the concepts of sampling distributions and confidence intervals to make management decisions.
Resources: Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set
Review the Payment Time Case Study and Data Set.
Develop a 700-word report including the following calculations and using the information to determine whether the new billing system has reduced the mean bill payment time:
- Assuming the standard deviation of the payment times for all payments is 4.2 days, construct a 95% confidence interval estimate to determine whether the new billing system was effective. State the interpretation of 95% confidence interval and state whether or not the billing system was effective.
- Using the 95% confidence interval, can we be 95% confident that µ ≤ 19.5 days?
- Using the 99% confidence interval, can we be 99% confident that µ ≤ 19.5 days?
- If the population mean payment time is 19.5 days, what is the probability of observing a sample mean payment time of 65 invoices less than or equal to 18.1077 days?
Format your assignment consistent with APA format.
Click the Assignment Files tab to submit your assignment.
Looking for solution of this Assignment?
WHY CHOOSE US?
We deliver quality original papers
|Our experts write quality original papers using academic databases.|
|We offer our clients multiple free revisions just to ensure you get what you want.|
|All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount|
|We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity|
|We will deliver your paper on time even on short notice or short deadline, overnight essay or even an urgent essay|