The Payment Time Case Week 4.docx Week 4 - The Payment Time Case QNT 561 This repo

The Payment Time Case Week 4.docx    Week 4 - The Payment Time Case  QNT 561    This report will use the data set and case study to review the payment times for 65 invoices (Mehul, 2016) that were randomly pulled from a sample of 7,823 invoices (Hinkle, 2016). According to the case study, the corporation chose invoices during the short three months, in the beginning of the start of their new system. The company has high hopes that their new system will decrease their billing time by almost half of what it was and that would create an average pay time that went down to 19 and a half days with a standard deviation of 3.9612 (rounded up to 4.2) days and a mean of 65 samples would average out to be about 18.108 (rounded to about 18) days (Mehul, 2016). While you read this report thatcompiles the data set analysis converted from the case study and using the confidence interval of 95% and if the company can be at least 95% confident that the equation µ≤ 19.5 days.   The next part of this report will break down the probability of obtaining a sample mean with the payment time of 65 invoices that are less than or equal to 18.11 days and it will also determine if the population mean payment time will be about 19 and a half days. Using the standard deviation of the payment times given in the data set (Mehul, 2016), the payment times for all of them would average out to about 3.9 days (rounded up to 4.2). The report will also contain the estimate made by the calculation and whether the company decided to continue to u