# Payment Time Case Study and Data Set.

*label*Mathematics

*timer*Asked: Dec 18th, 2017

*account_balance_wallet*$20

**Question description**

**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?

## Tutor Answer

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Major alluding firms like Shirtliff and Davis, Ernst and Young Consulting, and Deloitte

and Touche Consulting utilize measurable examination to evaluate the viability of the

frameworks they are intended for their clients. For this situation, a counseling firm has built up

an electronic charging framework for a Stockton, CA, the trucking organization. The framework

sends solicitations electronically to every client's PC and enables clients to effortlessly check and

right blunders. It is trusted the new charging framework will generously lessen the measure of

time it takes clients to make installments. Run of the mill installment times—measured from the

date on a receipt to the date installment is gotte...

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