# qnt 561 week four

*label*Mathematics

*timer*Asked: Oct 22nd, 2018

*account_balance_wallet*$40

### 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 (Please create a text box for each within Microsoft Excel to complete this objective)

**Review** the Payment Time Case Study and Data Set.** **

**Develop** a summary in the text boxes 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?

**Click** the Assignment Files tab to submit your Microsoft Excel data spreadsheet assignment.

3 days ago

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## Tutor Answer

Hey! There you go. All the best

PayTime

22

19

16

18

13

16

29

17

15

23

18

21

16

10

16

22

17

25

15

21

20

16

15

19

18

15

22

16

24

20

17

14

14

19

15

27

12

17

25

13

17

16

13

a.

95% confidence interval

Confidence interval – mean

95%

18.1077

4.2

65

1.96

1.02

17.09

19.13

b.

confidence level

Mean

std. dev.

N

Z

margin of error

lower confidence limit

upper confidence limit

...

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