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

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Statistical Analysis of Bank Raids in the UK: Point Estimates and Confidence Intervals Researchers obtained exclusive data from the British Bankers’ Association. In one aspect of their study, they analyzed the data form a sample of 364 bank raids over a several - year period in the United Kingdom. The following table repeats a portion their findings : Variable Mean Std. dev. Amount stolen (pound sterling) 20,330.50 53,510.20 Number of bank staff present 5 .417 4.336 Number of customers present 2 .000 3.684 Number of bank raiders 1.637 0.971 Travel time, in minutes from bank to nearest polish station 4.557 4.028 Use 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 aforementioned variables. Variable Point Estimate for mean Interpretation Amount stolen (pound sterling) 20,330.50 On an average 20,330.50 pound sterling is stolen in each bank robbery Number of bank staff present 5.42 On an average 5.42 bank stuffs were present in each bank robbery Number of customers present 2.00 On an average 2 customers were in each bank robbery Number of bank raiders 1.64 On an average 1.64 bank raiders were there in each bank robbery Travel time, in minutes from bank to nearest polish station 4.56 On an average each bank was 4.56 minutes far from nearest polish station b.) Find and interpret a 95% confidence interval for the mean amount stolen.
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