Application of the concepts of sampling distributions and confidence intervals to make management decisions.

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? 
  • Throughout the term, you will use your knowledge of research methods to bring the research project to fruition. You will conduct a literature review, develop research questions and hypotheses, create the research design, test data, interpret data, and present the findings. Each unit will accomplish one of these tasks. It has already been decided that the business problems will be best addressed using a quantitative research methodology. You will not collect any data for this project. The former health and safety director had already collected the data, which is provided for you in an Excel spreadsheet.
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