# QNT561 University of Phoenix Week 4 Chapter 9 Payment Time Case Study The purpose of the assignment is to develop students’ abilities in using data sets to

QNT561 University of Phoenix Week 4 Chapter 9 Payment Time Case Study The purpose of the assignment is to develop students’ abilities in using data sets to apply the concepts of sampling distributions and confidence intervals to make management decisions. Develop a 700-word report well written word flow and calculations without any plagiarism other than unavoidable assignment information. No cutting and paste, which causes an inability to format, document properly. The report must include calculations and the use of information included in the assignment to determine whether the new billing system has reduced the mean bill payment time.Include ReferencesChapter 9 attachedComplete Assignment Attached QNT/561 – Week  4/Assignment Content
Payment Time Case Study
Purpose of Assignment
The purpose of the assignment is to develop students’ abilities in using data sets 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:
o
o
o
o
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?
o
o
o
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Resources
The Payment Time Case Grading Guide
Center for Writing Excellence
Reference and Citation Generator
Grammar and Writing Guides
Case Study  Payment Time Case Study
QNT/561 Version 9
University of Phoenix Material
Case Study  Payment Time Case Study
Major consulting firms such as Accenture, Ernst & Young Consulting, and Deloitte & Touche Consulting
employ statistical analysis to assess the effectiveness of the systems they design for their customers. In
this case, a consulting firm has developed an electronic billing system for a Stockton, CA, trucking
company. The system sends invoices electronically to each customers computer and allows customers to
easily check and correct errors. It is hoped the new billing system will substantially reduce the amount of
time it takes customers to make payments. Typical payment timesmeasured from the date on an
invoice to the date payment is receivedusing the trucking companys old billing system had been 39
days or more. This exceeded the industry standard payment time of 30 days.
The new billing system does not automatically compute the payment time for each invoice because there
is no continuing need for this information. The management consulting firm believes the new system will
reduce the mean bill payment time by more than 50 percent. The mean payment time using the old billing
system was approximately equal to, but no less than, 39 days. Therefore, if µ denotes the new mean
payment time, the consulting firm believes that µ will be less than 19.5 days. Therefore, to assess the

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