Payment Case

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Running head: THE PAYMENT CASE 1

The Payment Case

Name of Student

Name of Professor

Course Title

Date

THE PAYMENT CASE 2

Introduction

The main components of this report will entail computations and calculations to determine

and evaluate whether the new -billing for the consulting firms will have lowered the mean bill-

payment time or not. In our case, we will be making an assumption that the payment -times for all

payments will be maintained at 4.2 days. We will go further to calculate and construct a 95%

confidence-interval estimation as a way of determining if the new billing system was effective as

proposed (DeLillo, 2015). Additionally, our confidence-interval will also create an interpretation

of 95% of confidence-interval and explain whether or not the billing system was effective. In our

case, we will be using a 95% confidence-interval in determining if we can be 95% confident that

µ ≤ 19.5 days. Moreover, we will also use the 99% confidence-interval, and conclude if it possible

we could be 99% confident that µ ≤ 19.5 days. Lastly, our report will also evaluate and determine

if the average population mean-payment time is 19.5 days. We will also address the possibility of

observing a sample-mean payment-time of 65 invoices less than or equal to 18.1077 days.

Solution

Assuming the standard-deviation of the payment-times for all payments involved to be 4.2

days. We will be constructing a 95% confidence-interval and making estimations whether the

billing system will be effective or not.

EQUATION;

CI=X ± Z×α/ √ N

Confidence-Interval-Estimate for the Mean:

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Running head: THE PAYMENT CASE 1 The Payment Case Name of Student Name of Professor Course Title Date THE PAYMENT CASE 2 Introduction The main components of this report will entail computations and calculations to determine and evaluate whether the new -billing for the consulting firms will have lowered the mean billpayment time or not. In our case, we will be making an assumption that the payment -times for all payments will be maintained at 4.2 days. We will go further to calculate and construct a 95% confidence-interval estimation as a way of determining if the new billing system was effective as proposed (DeLillo, 2015). Additionally, our confidence-interval will also create an interpretation of 95% of confidence-interval and explain whether or not the billing system was effective. In our case, we will be using a 95% confidence-interval in determining if we can be 95% confident that µ ≤ 19.5 days. Moreover, we will also use the 99% confidence-interval, and conclude if it possible we could be 99% confident that µ ≤ 19.5 days. Lastly, our report will also evaluate and determine if the average population mean-payment time is 19.5 days. We will also address the possibility of observing a sample-mean payment-time of 65 invoices less than or equal to 18.1077 days. Solution Assuming the standard-deviation of the payment-times for all payments involved to be 4.2 days. We will be constructing a 95% confidence-interval and making estimations whether the billing system ...
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