The PIRON Software Company currently develops marketing software for primarily service-based organizations. Recently, new customers expressed a concern that the cycle time for responses to inquires was too long. Historically, the average response time to a customer inquiry is 3 days with a standard deviation of 0.5 days
Question:
Based on the scenario above, a recent sample of 50 inquiries was drawn, and the average cycle time from the sample was 2.99 days. Conduct the appropriate hypothesis test at a .05 significance level. Provide the hypothesis and interpretation of the results. Describe the type of data, the method of data collection, and whether a population or a sample was used.