The payment time case | Business & Finance homework help

Purpose of Assignment 

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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. 

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.