R1.9. Fraud detection A credit card bank is investigating the in-cidence of fraudulent card use. The bank suspects that thetype of product bought may provide clues to the fraud. Toexamine this situation, the bank looks at the North AmericanIndustry Classification System (NAICS) of the businessrelated to the transaction. This is a code that is used by theU.S. Census Bureau and Statistics Canada to identify thetype of every registered business in North America. Forexample, 1141 designates Fishing, 3121 is Beverage Manu-facturing, and 6113 is Colleges, Universities, and Profes-sional schools. Longer codes designate subcategoriesA company intern produces the following histogram ofthe NAICS 4-digit-level codes for 1536 transactions:# of Transactions5004003002001004800 5300 5800 6300 6800 7300 7800SICHe also reports that the mean NAICS is 5823.13 with astandard deviation of 488.17.a) Comment on any problems you see with the use of themean and standard deviation as summary statistics.b) How well do you think the Normal model will work onthese data? Explain.

Given: The total transactions are 1536 The mean NAICS is 5823.13 The standard deviation is 488.17

Answered: a) Comment on any problems you see with…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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a) Comment on any problems you see with the use of the mean and standard deviation as summary statistics. b) How well do you think the Normal model will work on these data? Explain.