The Payment Time Case - Running head THE PAYMENT TIME CASE...

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Running head: THE PAYMENT TIME CASE 1 The Payment Time Case Name QNT561 Date Instructor
THE PAYMENT TIME CASE 2 The Payment Time Case A Stockton, CA, trucking company updated its billing system to send invoices electronically to each of its customer’s computers and allows them to check and correct any error(s). This new system saves time and effort to both the trucking company and its customers. However, this new billing system does not automatically compute the payment time for the invoices because there is no continuing need for this information. The new system is alleged to decrease the mean bill payment time by more than 50 percent. With the prior system the mean payment time was 19.5. To calculate and verify if this new system is achieving its goal a random sample of 65 invoices from the first three months after the implementation of the new system where used. Standard deviation of the payment. Assuming the standard deviation of the payment times for all payments is 4.2 days. At 95% confidence interval the new billing system is effective. At 95% confidence interval the

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