[SOLVED] 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.

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[SOLVED] 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.
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Assignment Steps

Resources: Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set

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 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?

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[SOLVED] 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.

I need an explanation for this Statistics question to help me study.

Struggling to find relevant content or pressed for time? – Don’t worry, we have a team of professionals to help you on
[SOLVED] 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.
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Order Now

Assignment Steps

Resources: Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set

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 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?

Submit your assignment (Excel template with text boxes or Excel template and Word document).

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
Sign up, place your order, and leave the rest to our professional paper writers in less than 2 minutes.
step 1
Upload assignment instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
s
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