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:
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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?
Submit your assignment.
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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
system’s effectiveness (whether µ < 19.5 days), the consulting firm selects a random sample of 65 invoices from the 7,823 invoices processed during the first three months of the new system’s operation. Whereas this is the ?rst time the consulting company has installed an electronic billing system in a trucking company, the ?rm has installed electronic billing systems in other types of companies. Analysis of results from these other companies show, although the population mean payment time varies from company to company, the population standard deviation of payment times is the same for different companies and equals 4.2 days. The payment times for the 65 sample invoices are manually determined and are given in the Excel® spreadsheet named “The Payment Time Case”. If this sample can be used to establish that new billing system substantially reduces payment times, the consulting firm plans to market the system to other trucking firms. Copyright © 2017 by University of Phoenix. All rights reserved. 1 PayTime 22 19 16 18 13 16 29 17 15 23 18 21 16 10 16 22 17 25 15 21 20 16 15 19 18 15 22 16 24 20 17 14 14 19 15 27 12 17 25 13 17 16 13 18 19 18 14 17 17 12 23 24 18 16 16 20 15 24 17 21 15 14 19 26 21 The Payment Time Case Grading Guide QNT/561 Version 9 Applied Business Research and Statistics Copyright Copyright © 2017, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. The Payment Time Case Grading Guide QNT/561 Version 9 Individual Assignment: Expansion Strategy and Establishing a Re-order Point 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. Resources Required • • • Microsoft Excel® Payment Time Case Study Payment Time Case Data Set Grading Guide Content Met Partially Met Not Met Total Available Total Earned 85 #/85 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? Comments: 2 The Payment Time Case Grading Guide QNT/561 Version 9 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 35 #/35 120 #/120 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 3 Printed by: jonespage4203@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: jonespage4203@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: jonespage4203@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: jonespage4203@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. 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