wk4.docx - 1 The Payment Time Case QNT/561 November 17...

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1 The Payment Time Case QNT/561 November, 17 2019 University of Phoenix Jonathan Edelman
CASE STUDY 2 The Payment Time Case This case study covers a sample of 65 invoices pulled from a pool of 7,823 invoices from a three-month time span. These invoices were pulled after the implementation of a new system and indicate the first three-month operation of the new system. The consulting firm that handled the move to the new system estimates that the billing cycle will be cut in half. With the billing cycle time cut in half the consulting firm expects to see the average pay time down to 19.5 days with a standard deviation of 4.2 days. This report will show if the promised 95% confidence interval can be met and if we can meet µ ≤ 19.5 days. Over the course of the case study we will also determine if using the 99% confidence interval, can we be 99% confident that µ ≤ 19.5 days. Digging further into the data we will determine if the mean payment time is 19.5 days, what is

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