The-Payment-Time-Case-1.docx - The Payment Time Case...

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The Payment Time CaseQNT /561May 05, 2018Professor WarrenYahaira Jorge
IntroductionThe term confidence interval is used to describe a statistical study in which the confidence interval is a statistic estimate that helps to give a range of probability based on the results from a sample. Most people use the 95% confidence when building a confidence interval. Therefore, the confidence interval is the most appropriate in a statistical sample in determining the sample of a population or items. First, the 95% confidence interval provides a range of known probability for the population. Ultimately, this ensures with 95% confidence that the claim is true, allows a larger interval, allows researchers to obtain the point estimate and also the confidence level. This allows one to be able to find a true or acceptable value from different samples. The 95% confidence interval allows for confidence that results in a certain sample takenis true. 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 systemwas effective. State the interpretation of 95% confidence interval and state whether or not

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