# The Payment Time Case (NO PLAGIARISM)

*label*Mathematics

*timer*Asked: May 12th, 2017

*account_balance_wallet*$15

### Question Description

**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. **With Three references**

## Tutor Answer

HiKindly see attached file with the requested 700 words statistical report regarding the use of confidence intervals in the payment time case study

Running head: THE PAYMENT TIME CASE STUDY: CONFIDENCE INTERVALS

THE PAYMENT TIME CASE STUDY: CONFIDENCE INTERVALS

(NAME)

(PROFESSOR’S NAME)

(COURSE)

(DATE)

1

ONE-SAMPLE HYPOTHESIS TEST CASE STUDIES

Confidence intervals give the statistics not only an idea of the average value, but also of

the variability of the results around such average value (Johnson & Kuby, 2000). In this regard,

the objective of building a confidence interval is to evaluate which are the limits between which

a given data can be said to be part of the analyzed sample (O’Hagan & Forster, 2009). This

confidence level is normally pre-established by the person carrying out the analysis. However,

the confidence level is typically fixed at either 95% or 99% for most application purposes

(Bernstein & Bernstein, 1999).

The present report explains how confidence intervals are built and analyzed. In this

regard, both the 95% and 99% confidence inte...

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