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Purpose of Assignment
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. (as an Introduction for your paper)
Develop a minimum of 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.
References : Minimum of 2 references and in text citation accordingly to the references you used.
Submit: You need to submit 1 word document and 1 Excel file showing all the works done by you! calculations, graphs, tables need to be included in both the word document and the Excel file.
NOTE: Attached are the needed resources for you to start this assignment. Make sure you compare your assignment with the attached grading guide to get full points for this