Suppose a bill is considered late if it is paid after 20 days. In this case its
Question:
Suppose a bill is considered late if it is paid after 20 days. In this case its “lateness” is the number of days over 20. For example, a bill paid 23 days after billing has a lateness of 3, whereas a bill paid 18 days after billing has a lateness of 0. Find a 95% confidence interval for the mean amount of lateness for all customers. Find similar confidence intervals for each customer size separately. Why is the distribution of lateness certainly not normal? Do you think this matters for the validity of the confidence interval?
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Data Customer Customer Size Days Amount Lateness 1 Large 12 1352 0 2 Small 21 274 1 3 Small 20 267 0 4 Small 21 229 1 5 Large 14 1870 0 6 Small 29 246 9 7 Large 14 840 0 8 Medium 19 743 0 9 Large 18 1...View the full answer
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Related Book For 
Business Analytics Data Analysis and Decision Making
ISBN: 978-1133629603
5th edition
Authors: S. Christian Albright, Wayne L. Winston
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