Also it clearly shows the importance of the sample

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the sample size, as a bigger sample size will give more accurate results than a smaller one, “as we will get wider narrower limit and large one in calculating the confidence interval” (Viljoen & Van, 2000).Thus, the purpose of the assignment, there will be the utilization of data sets for the Payment Time Case Study in the application of the concepts of sample distributions as well as confidence intervals for the purpose of making management decisions. The report will give a description of the interpretation of 95% confidence interval and mention whether the billing system was effective. Besides, with the use of the 95% confidence interval, we can conclude that 95% confident that µ ≤ 19.5 days.
THE PAYMENT TIME CASE3Assuming 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. CI estimate for the meanDataPopulation Standard Deviation4.2Sample Mean18.1077Confidence Level95%Intermediate CalculationsStandard error of the Mean0.5209Z Value1.96Interval half width1.021Confidence IntervalInterval lower limit17.0867Interval upper limit19.1287Interval estimate17.0867__________ 19.1287This has an implication that the new billing system was effective.

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