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1The Payment Time CaseThe Payment Time CaseLaToya MaysQNT 561November 20, 2019Professor Marlene Casel
2The Payment Time CaseThe Payment Time CaseStatistical analysis is used in many ways when it comes to finding out how accurate a new system’s design and effectiveness to a company is. The information can cause a business many dollars and could be its livelihood in the long-run. In this situation, a consulting firm, has recently developed an electronic billing system for Stockton Trucking Company that will send invoices to the customer that will also check and correct errors. This system is believed to reducethe amount of time that it takes for customers to make payments. Assuming the standard deviation of the payment times for all payments is 4.2 days, construct a 95% confidence interval I will estimate and determine whether the new billing system was effective. I will also state the interpretation of 95% confidence interval and state whether or not the billing system was effectiveEQUATION; CI=X ± Z×α/ √ N Using the 95% confidence interval, can we be 95% confident that µ ≤ 19.5 days?