Write a report The Payment Time Case Study, including the following calculations and using the information to
Question:
•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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Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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