Basic Statistics in Excel

Basic Statistics in Excel - Basic Statistics in Excel...

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Basic Statistics in Excel Characterizing a sample Open the file “mercury data.xls” from the class website. This contains the “data” we looked at in lecture. Numeric characterization The Excel functions for the arithmetic mean, the variance, and the standard deviation are AVERAGE , VAR , and STDEV , respectively. A more thorough set of summary statistics are generated by “Descriptive Statistics” in the Data Analysis ToolPak. Select the input range and check “Summary Statistics”. You can also check “Confidence Level for Mean” and select a confidence level; this will give you the amount to add or subtract from the sample mean to generate the confidence interval for the mean based on the assumption of normality. Unfortunately, these are not dynamic formulas – they will not update if you put in new data. You can get a dynamic calculation of the standard error of the mean by using the formula = STDEV(A2:A31)/SQRT(30) . More generically, you can use =STDEV(A:A)/SQRT(COUNT(A:A)) – the STDEV function ignores non-numeric values, and the COUNT function gives the number of cells with numbers in them. To get a dynamic calculation of the normal-based confidence interval, we use the TINV function. This returns critical values of the t
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