As these researchers state, “Robbing a bank is the staple crime of thrillers, movies and newspapers. But . . . bank robbery is not all it is cracked up to be.” The researchers concentrated on the factors that determine the amount of proceeds from bank robberies, and thus were able to work out both the economics of attempting one and of preventing one. In particular, the researchers revealed that the return on an average bank robbery per person per raid is modest indeed—so modest that it is not worthwhile for the banks to spend too much money on such preventative measures as fast-rising screens at tellers’ windows. The researchers obtained exclusive data from the British Bankers’ Association. In one aspect of their study, they analyzed the data from a sample of 364 bank raids over a several-year period in the United Kingdom. The following table repeats a portion of Table 1 on page 19 of the article. ariableMeanstandar deviationAmount stolen (pounds sterling)20,330.5053,510,2Number of bank staff present5.4174.336Number of customers  present20003.684Numbers of bank raiders1.6370.971Travel time, in minutes from bankto nearest police station4.5574.028I must use summary statistics for data on bank robberies for five variables: amount stolen, number of bank staff present, number of customers present, number of bank raiders, and travel time from the bank to the nearest police station.a. Identify and   interpret  a point  estimate for theme an ofeachof the five aforementioned variables. BIOGRAPHYb. Find and interpret a 95% confidence interval for the mean amount stolen.c. Find and interpret a 95% confidence interval for the mean number of bank staff present at the time of robberies. d. Determine and interpret a 95% confidence interval for the mean number of customers present at the time of robberies.e. Determine and interpret a 95% confidence interval for the mean number of bank raiders.f. Obtain and interpret a 95% confidence interval for the mean travel time from the nearest police station to the bank outlet

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Asked Oct 2, 2019
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As these researchers state, “Robbing a bank is the staple crime of thrillers, movies and newspapers. But . . . bank robbery is not all it is cracked up to be.” The researchers concentrated on the factors that determine the amount of proceeds from bank robberies, and thus were able to work out both the economics of attempting one and of preventing one. In particular, the researchers revealed that the return on an average bank robbery per person per raid is modest indeed—so modest that it is not worthwhile for the banks to spend too much money on such preventative measures as fast-rising screens at tellers’ windows. The researchers obtained exclusive data from the British Bankers’ Association. In one aspect of their study, they analyzed the data from a sample of 364 bank raids over a several-year period in the United Kingdom. The following table repeats a portion of Table 1 on page 19 of the article.

 

ariable Mean standar deviation
Amount stolen (pounds sterling) 20,330.50 53,510,2
Number of bank staff present 5.417 4.336
Number of customers  present 2000 3.684
Numbers of bank raiders 1.637 0.971
Travel time, in minutes from bank
to nearest police station 4.557 4.028

I must use summary statistics for data on bank robberies for five variables: amount stolen, number of bank staff present, number of customers present, number of bank raiders, and travel time from the bank to the nearest police station.

a. Identify and   interpret  a point  estimate for theme an ofeachof the five aforementioned variables. BIOGRAPHY

b. Find and interpret a 95% confidence interval for the mean amount stolen.

c. Find and interpret a 95% confidence interval for the mean number of bank staff present at the time of robberies

. d. Determine and interpret a 95% confidence interval for the mean number of customers present at the time of robberies.

e. Determine and interpret a 95% confidence interval for the mean number of bank raiders.

f. Obtain and interpret a 95% confidence interval for the mean travel time from the nearest police station to the bank outlet

 

 

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Step 2

a.

Point estimate:

A single value that helps to estimate the whole population mean is a point estimate. In this context, sample mean,is the point estimate of the population mean.

  • The point estimate for the amount stolen is 20,330.50.
  • The point estimate for the number of bank staff present is 5.417.
  • The point estimate for the number of customers present is 2,000.
  • The point estimate for the number of bank riders is 1.637.
  • The point estimate for the travel time (in minutes from the bank to police station) is 4.557.
Step 3

b.

Confidence interval:

The (1-α) % confidence interval for population mean µ...

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