# 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.

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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.
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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