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Question Description
Purpose of Assignment
The purpose of the assignment is to develop students’ abilities in using data sets to apply the concepts of sampling distributions and confidence intervals to make management decisions.
Assignment Steps
Resources: Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set (Attached)
Review the Payment Time Case Study and Data Set.
Write a 500 to 700-word paper 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?
Use the Excel spreadsheet to show your work.
Format your assignment consistent with APA format with at least one (1) scholarly, peer-reviewed reference and one reference from the assigned readings (textbook).
Please Include:
An Introduction paragraph (Do Not Write the word Introduction to begin the body of the paper – Use the title of the paper instead). There should be a thesis statement in the introduction paragraph.
At least one (1) Level One Heading
Conclusion Heading.
Submit the Excel Spreadsheet and the Paper. You must submit the spreadsheet to show your work.
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