The Payment Time Case
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.
Resources: Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set
Review the Payment Time Case Study and Data Set.
Write a 200-300-word paper 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.
Use the Excel spreadsheet to show your work.
Format your assignment consistent with APA format with at least one (1) peer-reviewed reference and at least one reference from the assigned readings. Please include an Introduction, at least one (1) Level One Heading and Conclusion Heading.