Can Excel Be a Useful Tool for Statistical Data Analysis?

Published Date   01st Feb. 2019, 00:47 am
Can Excel Be a Useful Tool for Statistical Data Analysis?

When someone uses the Excel, he has many options to reset projects on this magnificent spreadsheet. Excel in its advanced form is useful for awe-inspiring data analysis and start report screening. Statistical data analysis must be perfectly and meticulously done on Excel. However, users have to have good dynamic skill, knowledge, and expertise to make the decision. If he has the experience it will be an added aid for him to handle this hi-tech financial software toolkit.

Learn about the Pivot Chart/Table -Better Tools for Data Analysis

Whether your system is equipped with upgraded Excel 2010 or 2013 version, understand the technical details to have nice commanding over the Excel for creating more valuable statistical data through evaluation. Right now, pivot chart and tables are two major things for experts to do data analysis on an Excel spreadsheet. Definitely, a pivot table is an excellent Excel toolkit for précising a long list in a more simplified format. On the worksheet, keep analyzing the assembled data in the much-integrated structure. It must be smooth analysis process without moving to download software to serve the purpose. Create a prototype of Pivot Table and then take screenshots. Automatically, it will produce multiple pivot tables. The large size stat report must be categorized into 10-20 segments for superb chart creation. The content summarization must be exempted from the hassle and technical glitz. A completed sample Pivot Table needs to be properly filled maintaining the specific format. Now, put the data and it automatically places the information under various categories. The content is arranged in columns and blocks.

Use Descriptive Statistics Toolkit

Descriptive Statistics tool reshapes the data evaluation format. See, manually it will take to create 100 segments, blocks, grids, squares/triangles and columns to distribute the information smartly. The Descriptive Statistics toolkit has variance parameters, standard deviation, skewness, sample variance, maximum/minimum counts for fast data selection. It responds quickly to arrange the content under proper heading. In between, the machine can do mistake but with the deletion option, remove the errors. So, in the long run, the descriptive statistic data are screened and distributed.

Track Significant Variance in Data Sets

When a statistician needs to find the difference between multiple groups, he has the best innovative ANOVA data tracker for showcasing the difference. Analysis of variance is the feature of Pivot Table on the Excel. For example, if the P value is higher than the existing 0.05, it must indicate the dissimilarity between A and B groups. So, for perfect stat data analysis, ANOVA is great for a statistician.

Moving Average –Useful for Prediction

Those who are accustomed to Excel are able to utilize the moving average data analytical feature. It actually pulls up a specific volume of data on an average basis for evaluation. If a stock market analyzer wants to predict the price of the stocks today, he needs the data for the last 10 days.  He doesn’t have to grope for collecting the stat reports for the whole year. Moving Average tool brings the updates which are relevant to the analyzers to merge the content for making the perfect prediction. The same thing is applicable when a weather analysis is done.

Excel is the best tool for statistic data analysis and track reports/charts/tables. However, users don’t hesitate to improve their cognitive skill in selecting the right theory. He has to decide how to opt for a suitable feature to do better content merging for awesome assessment.  Once he or she is able to understand the functions of Excel, it will be just a matter of faster mouse clicking to build up powerful charts/data tree in a good summarized framework.

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