Assignment Steps
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Assignment Steps
Assignment Steps
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?
Attachments:
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