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Running Head: BILLING SYSTEM’S EFFECTIVENESS
Billing system’s effectiveness
BILLING SYSTEM’S EFFECTIVENESS
New Billing System effectiveness.
The management consulting group has recorded over seven thousand invoices for the
first three months. Out of those, our sample consists of only 65 observations. The management
consulting system believes that the new system will cut the invoice processing time by more
than half, which means that the current processing time of thirty-nine days is likely to reduce
to 19.5 days or less. To establish whether that is true, we could compute the mean for the
sample observations as well as the standard deviation to serve as an industry benchmark if
necessary. The other question, however, is if the metrics from the sample data is accurate for
the whole population, for this case, the 7832 invoices. To find whether this is true, we test the
estimates and find the confidence interval to assign Z scores to our evaluations.
Sample Data Metrics and Interpretation.
The mean for the sample data gets computed using the AVERAGE Excel functionality.
It calculates to be 18.11 as per the spreadsheet in the Appendix below. Subsequent variance is
calculated by subtracting the mean from each of the variables in the sample data. Conseque...
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