QNT561 University of Phoenix Payment Time Case Analysis

QNT561 University of Phoenix Payment Time Case Analysis.
Assignment Content

Purpose of Assignment The purpose of the assignment is to develop students abilities in using data sets 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 Dataset
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 19.5 days?
Using the 99% confidence interval, can we be 99% confident that 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?

QNT561 University of Phoenix Payment Time Case Analysis