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Statistical Analysis of Bank Raids in the UK: Point Estimates and Confidence Intervals

This assignment examines statistical methods for analyzing bank raids using confidence intervals and point estimates.

Caleb Patterson
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Statistical Analysis of Bank Raids in the UK: Point Estimates and ConfidenceIntervalsResearchers obtained exclusive data from the British Bankers’ Association. In one aspect of theirstudy, they analyzed the data form a sample of 364 bank raids over aseveral-year period in theUnited Kingdom. The following table repeats a portion their findings:VariableMeanStd. dev.Amount stolen (pound sterling)20,330.5053,510.20Number of bank staff present5.4174.336Number of customers present2.0003.684Number of bank raiders1.6370.971Travel time, in minutes from bank to nearest polishstation4.5574.028Use the above summary statistics to estimate the (population) means of the variables in the table.a.)Identified and interpret a point estimate for the mean of each of the five aforementionedvariables.VariablePoint Estimatefor meanInterpretationAmount stolen (poundsterling)20,330.50On an average20,330.50 poundsterling is stolen in eachbank robberyNumber of bank staffpresent5.42On an average 5.42bank stuffs were presentin each bank robberyNumber of customerspresent2.00On an average 2customers were in eachbank robberyNumber of bank raiders1.64On an average 1.64bank raiders were therein each bank robberyTravel time, in minutesfrom bank to nearest polishstation4.56On an average eachbank was 4.56 minutesfar from nearest polishstationb.)Find and interpret a 95% confidence interval for the mean amount stolen.

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Statistics

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