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During 2017 a company implemented a number of policies aimed at reducing the ages of its customers' accounts. In order to assess the effectiveness of
During 2017 a company implemented a number of policies aimed at reducing the ages of its customers' accounts. In order to assess the effectiveness of these measures, the company randomly selects 10 customer accounts. The average age of each account is determined for the years 2016 and 2017. These data are given in Table 11.4. Assuming that the population of paired differences between the average ages in 2017 and 2016 is normally distributed: TABLE 11.4 Average Account Ages In 2015 and 2016 for 10 Randomly Selected Accounts (for Exercise 11.20) @S AcctAge Average Age of Average Age of Account in 2017 Account in 2016 Account (Days) (Days) 27 35 19 24 40 47 30 28 33 41 ODD VO U A WN 25 33 31 35 29 51 15 18 21 28 FIGURE 11.10 JMP Output of a Paired Difference Analysis of the Account Age Data (for Exercise 11.20) Matched Pairs Difference: Average age of account in 2016 (days)-Average age of account in 2017 Average age of account in 2016 (days) 34 t-Ratio 3.61211 Average age of account in 2017 27 DF Mean Difference 7 Prob > Itl 0.0056* Std Error 1.93793 Prob > t 0.0028* Upper 95% 11.3839 Prob
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