Buzz
Excel supports users with tools for statistical data analysis. Here, I introduce you to the process of crafting descriptive statistical tables for your data sets in Excel.
In case your system lacks the pre-installed Analysis Toolpak, follow the instructions in Part 1: Install Analysis Toolpak. If already installed, proceed with the guidance in Part 2: Create Data Summary Tables.
1. Install Analysis Toolpak
Step 1: Navigate to the File->Option-> A dialog box appears -> Add-Ins -> Analysis Toolpak -> Go.
Step 2: A dialog box Add-Ins appears -> Analysis Toolpak -> OK.
You have successfully installed Analysis Toolpak for Excel.
2. Create Data Summary Tables
I have the following data table and want to analyze the sales volume and identify the best-selling products.
Step 1: Click on Data -> Data Analysis. The Data Analysis dialog appears, select Descriptive Statistics -> OK.
Step 2: The Descriptive Statistics dialog appears -> select the data range to analyze in the Input Range section -> choose the location for the statistics table in the Output Range -> check Summary Statistics -> OK.
Step 3: Completion of the Statistical Table (as shown in the diagram):
Observing Excel's presentation of some basic statistical quantities:
1. Mean: The average value
2. Standard Error: The error of the mean
3. Median: The middle value
4. Standard Deviation: Measure of spread
5. Variance: Extent of variation
6. Maximum: Maximum value
7. Minimum: Minimum value.
Hope the data summary table proves helpful for you all.
Wishing you all success!
