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Statistical Analysis of Bank Raids: Confidence Intervals for Key Variables

Application of confidence intervals in financial risk assessment.

Chloe Martinez
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Statistical Analysis of Bank Raids: Confidence Intervals for Key VariablesVariableMeanStd DeviationAmount stolen20,330.553,510.2Number of bank staff present5,4174,336Number of Customers Present2,0003,684Number of bank Raiders1,6370.971Travel time, in minutes fromBank to nearest police station4,5574,028These summary statistics were obtained by three researchers for data from a sample of 364 bank raidsover a several year period in the UK. For all bank raids in theUnited Kingdom during the years inquestion:a.Identify and interpret a point estimate for the mean of each of the five aforementioned variables.VariablePoint EstimateAmount stolen20,330.5Number of bank staff present5,417Number of Customers Present2,000Number of bank Raiders1,637Travel time, in minutes from Bank to nearestPolice station4,557b. Find and interpret a 95% confidence interval for the mean amount stolen.Confidence Level (C.L.) = 95%Level of significance (α) = 1-C.L. = 1-0.95 = 5%zα/2= z0.025= 1.96Margin of error for the mean amount stolen = z * Std. Deviation/sqrt(size) = 1.96 * 53,510.2/sqrt(364) =5497.2Lower Limit = 20,330.5-5497.2 = 14833.3Upper Limit = 20,330.5 + 5497.2 = 25827.7

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Statistics

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