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?