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

Develop a summary in the text boxes 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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