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

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December 21, 2017
How important is the agreement phase of the strategic planning process?
December 21, 2017

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

Individual Assignment: Expansion Strategy and Establishing a Re-order Point

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.

 

Grading Guide

ContentMetPartially MetNot MetComments:
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?

Total AvailableTotal Earned
3#/3
Writing GuidelinesMetPartially MetNot MetComments:
The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
 

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