Answered You can buy a ready-made answer or pick a professional tutor to order an original one.
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
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.
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?
Format your assignment consistent with APA format.
Please plagiarism free,
- @
- 165 orders completed
- ANSWER
-
Tutor has posted answer for $30.00. See answer's preview
********************************* ******* ********* ******* ** *** case ***** is data analysis ** ****** ******** decisions ** *** **** ** *** ******* ***** ****** in *** *** *** ********* make ******** ******* *** use of a *** ********** ******* ****** ******** ** *** company the time ***** ** *** ********* ** pay bills is expected ** ** ******* *** ****** ***** invoices to *** ********* *** **** *** ******** ** make ******** based on *** invoice *********** *** ******** ** the customers *** supposed to ** **** ****** *** ******* ** **** *** ******* *** an old ******** device **** **** an average of ** days between the **** the invoice ** **** ** *** ******** *** *** *** it ** received Using the *** ********** system *** mean ******* *** payment **** ** supposed ** ****** ** *** ***** the ********* *********** the company ****** ** **** *** ** the ****** ** ********* and *** reduce *** ******* *** payment time ******* the ******** ** the **** *** ******* **** **** ** **** a ******** ** ****** *** ****** ** ***** ******* ***** the **** ****** *** mean value ** the time taken ** *** ***** companies ** *** ***** *** *** standard ********* has **** ******* ** ********* companies *** standard deviation ** ** ******* ********** ****************** ** the ******** ** *** data *** **** ***** ** *** sample ** ** was 1810769 with a ******** deviation of ****** *** standard ***** ** *** **** ** *** **** was 049133 *** ******* and the ******* ****** ** *** **** were ** *** *** ************ *** *********** from the *********** ********** *** used in *** calculation ** *** ********** ********* ** *** **** According ** *** analysis the ******* ****** ** ** *** ********* **** *** **** ***** ** the days was **** **** or equal ** *** *************************** Error049133Median17Mode16Standard Deviation396123Sample *************************************************************************************** **** * ******** *** null *** *** *********** ********** ** *** **** **** ****** *** **** hypothesis stated **** *** **** ***** of the **** *** ******* **** 195 ***** the *********** ********** ****** **** *** **** *** less than ** ***** to *** days ***** *** ** ***** the ********* was the output ** the ********** interval at 95% ************ ******** * ***************** ******************************** dev65n1960z09630half-width190707upper ********** limit171447lower ********** ***** *** ********** ********* **** *** analysis ** *** **** ****** **** *** ***** ***** was ****** ***** *** ***** ***** in *** **** *** ****** According ** the information acquired **** *** ******** ** *** clear **** *** *********** hypothesis *** ******** *** **** ***** ** *** ******* **** ** **** *** **** **** ** ***** to *** **** *** ******* ****** therefore ***** using the *** ****** ** they *** *** **** **** *** **** *** ******* *** **** **** *** days99% ********** *********** **** ******** *** **** ** ******* *** ** the ******* could ** *** ********* **** the **** number ** days was less than or ***** ** *** **** The **** *** *** *********** hypothesis ******** the **** The ****** ** the *********** ********** **** ******** the **** as *** same data was being used ***** *** ******** the ********* ******* were obtainedConfidence ******** - ***************** ******************************** dev65n2576z12656half-width193733upper ********** **************** ********** ************** ** *** output **** *** ** ***** the data showed **** the lower ***** *** ****** ***** *** upper ***** *** 193733 *** value ** *** ************ **** was greater **** *** ****** obtained *** was ******* *** ******** ***** was ** ****** evidence ** ******* *** null ********** Therefore *** company ********* that the **** ***** was **** **** *** **** The company ****** ********* **** the ********** ** ****** *** system ** ***** ********* ** ***** has **** * significant reduction ** *** ****** ** ******* **** *** company *** **** * ******* decision ** ******* *** old ******* and **** with *** *** *******
