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, she is acting to show how we got to the
numbers we got so show work. Must have excel worksheet also.
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QNT 561 Week 4 Discussion Descriptive Statistics
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