MS Excel is one of the most commonly used tools in any field especially data analysis. It is convenient to use and also cost efficient due to which data analysts prefer using the tool. To perform statistical analysis, one needs to have a clear understanding of how the Charts and Pivot table in Excel works as data analysts largely depend on these two features. The Data Analysis ToolPak is an excellent statistical data analysis tool as it allows you to perform descriptive analysis with the help of excel. Excel also suggests some simple tricks and techniques that will save time and energy of a data analyst. Search for read guru to get more information about the role excel plays in statistics.
A pivot table helps in summarizing a list into a simple format as it helps to analyze all the data in your worksheet and help you make a better business deal. It can also be used as an interactive data summarization tool to condense large databases into a condensed format.
Descriptive statistics can be used on an existing data set to get different descriptive statistics without entering a function on the worksheet. It also gives you a general idea about datas such as the mean, median, mode, range, variance and standard deviation, etc.
Analysis of Variance
ANOVA or analysis of variance is a statistical technique that is used to check if the mean of two means are different from each other. It also verifies the impact of one or more factors by comparing the methods of different samples. There are three types of ANOVA in excel
- ANOVA single factor
- ANOVA two factor with replication
- ANOVA two factor without replication
Another great tool for statistical analysis in Excel is Moving Average. It is ideal for time series data such as stock price, weather report, attendance in class, etc. It is extensively used as a technical indicator in stock price.
Rank and Percentile
Rank and percentile are useful for finding the rank of all values in a list and also allows you to add the percentile in the output table. The percentile is the percentage that indicates the proportion of the file which is below a given number. It shows the category in which the data belongs if it is up to 50% or below 30% of the data given.
Regression is widely used for statistical data analysis. It is the process of establishing a relationship among variables to make sure that the dependent variable and independent variable have a common established relationship.
Random Number Generator
Random Number Generator as the name suggests helps in generating a series of random numbers. It gives you more flexibility and control over the generated data.