Payment Time Case, statistics homework help

Payment Time Case, statistics homework help

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. Include all calculations:

  • 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?

Format your assignment consistent with APA format.

Peer Review sources only with links.

Attached is a cheat sheet to help assist with the questions.