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Descriptive Statistics in Excel
In MS Excel, users face difficulty while performing Statistical Analysis due to a lack of their knowledge. Numerous built-in statistical methods are obtainable in Excel but deploying all the essential statistical functions separately is very time−consuming. Descriptive Statistics is one of the predominant options presented inside the Data Analysis tab to summarize the specified data that is entered by the user. The Descriptive Statistics option assists us in unraveling the statistical characteristics of the dataset like Mean, Mode, Maximum or Minimum value, etc.
To Conduct the Descriptive Statistics in MS Excel
Step 1 − Open a new worksheet in MS Excel, enter the name of the sales manager in the first column, and write the Incentive per product after the sales of AC in the second column and the quantity of AC sold out in the third column as shown below image:
Step 2 − Click on the Data tab and choose the Data Analysis option as highlighted below image:
Step 3 − Another dialog box named Data Analysis will appear. Choose the Descriptive Statistics option from the drop−down menu and then click on the OK button.
Step 4 − Another Descriptive statistics dialog will open where users must enter the input range and output range in their respective textbox. Make sure that users select the nonnumeric data range to obtain the accurate result otherwise, the error will come. Click on the Summary statistics Checkbox, Confidence Level for Mean checkbox, Kth Largest checkbox, and Kth Smallest checkbox. After that, click on the OK button.
Step 5 − The summary of the selected input range will be displayed as highlighted in the below image −
Conclusion
This article defines the holistic approach which permits precise analysis and ensures the readability of certain data. When dealing with large datasets, this strong technique guarantees insightful learning and accurate visualization of summarized descriptive statistics in a short span of time.
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