Question Description
I was needing some help on a following statistical assignment combined of both a word document report and excel data set calculations in my graduate course statistics class. Statistics has never been a strong point for me in math and would appreciate all the help and statistical step-by-steps to figure out calculations in order for me to gain a better understanding. Here is the following assignment that will include attachments:
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 (Both attached below).
Review the Payment Time Case Study and Data Set.
Develop a 700-770 word report including the following calculations and using the information to determine whether the new billing system has reduced the mean bill payment time:
- Introduction
- 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.(Can calculate within Excel and show how to construct a 95% CI to explain onto Word Document for this topic?).
- Using the 95% confidence interval, can we be 95% confident that µ ≤ 19.5 days? (Maybe somehow show calculations on Excel to interpret this topic onto Word Document?)
- Using the 99% confidence interval, can we be 99% confident that µ ≤ 19.5 days? (Maybe somehow show calculations on Excel to interpret this topic onto Word Document?)
- 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? (Maybe somehow show calculations on Excel to interpret this topic onto Word Document?)
- Conclusion
Format your assignment consistent with APA format. (Use APA citations).
For References-please include any direct web links to post
Click the Assignment Files tab to submit your assignment.
Important Side Note: Do not exceed word count by 10% (stay within 700-770, excluding cover page and references). No plagiarism!
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