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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. Using Excel, determine the following concerning the new billing system: 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 the 95% confidence interval and state whether or not the new billing system was effective. Using the 99% confidence interval, can we be 99% confident that the new billing system was effective? 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?

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.

Using Excel, determine the following concerning the new billing system:

  • 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 the 95% confidence interval and state whether or not the new billing system was effective.
  • Using the 99% confidence interval, can we be 99% confident that the new billing system was effective?
  • 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?

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