Learn how to take on statistical analysis in Excel with these tutorials. Every concept will be explained in plain English, followed by how to take the concept on in Excel. As with all of the tutorials on ThatExcelSite.com, you’ll be given step-by-step instructions using screenshots.
Normalizing is a common task in working with large datasets, especially when working in machine learning, data science, and statistics. It’s also often a misunderstood term. In general, normalization refers to scaling values to fit inside a certain range. In most cases, however, it refers to normalization by way of min-max scaling, which returns a …
The AVERAGE() function in Excel will include zeros in calculating the mean value of a dataset. In some cases, however, you’ll want to exclude these values from your calculation. In this tutorial, you’ll learn how to calculate an average in Excel while excluding 0. Excel makes calculating an average in Excel while excluding zeros easy …
By default, Excel will weigh each value in a dataset the same when calculating an average using the AVERAGE() function. This assumes that each value in a dataset carries an equal weight or has the same level of importance. However, this may not always be what you want. While Excel doesn’t provide a built-in way …
In this tutorial, you’ll learn how to calculate a conditional median (or Median IF function) in Excel. This means finding the median value of a dataset where a certain condition is met. While Excel doesn’t provide a built-in way of calculating a median IF, we can find a simple and intuitive way of taking on …
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The QUARTILE(), QUARTILE.INC(), and QUARTILE.EXC are statistical functions in Excel that allow you to calculate quartiles in Excel. These functions are useful in calculating statistical measures such as the interquartile range. In this tutorial, you’ll learn about the difference between the QUARTILE.INC(), QUARTILE.EXC(), and QUARTILE() functions. Understanding the differences between these functions is an important …
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The median absolute deviation is a robust measure of the variability of a dataset that gives you a good sense of how closely clustered values are. Similar to the mean absolute deviation, the median absolute deviation gives you a good insight into the variability of your data. CONTINUE Understanding the Median Absolute Deviation The median …
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The mean absolute deviation (or MAD) is a metric that measures how dispersed values in a dataset are. This means that it measures how spread out your data is. In this tutorial, you’ll learn how to calculate the mean absolute deviation in Excel using the AVEDEV() function. Being able to understand key measures of your …
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In many industries, being able to forecast values is a necessary skillset to have. In order to measure the effectiveness of predictions, it’s essential to compare the predicted values to the actual, observed values. One of the measures that make measuring the effectiveness of a predictive model simple, is the mean absolute error (or MAE). …
The root mean squared error (or RMSE) measures how large the error (or difference) is between two datasets. It’s often used to be able to calculate the effectiveness of different types of modeled data, comparing predicted and actual values. In this tutorial, you’ll learn how to calculate the root mean squared error in Excel. While …
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In many sectors, you’ll need to forecast values. For example, working in sales, you may forecast how many sales you’ll have in a given month. In order to evaluate how well your predicted values performed, it’s essential to have a way to evaluate performance. One of these error statistics is the mean absolute percentage error. …
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