5 Steps to Master Microsoft Excel: Workbooks

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5 Steps to Master
Microsoft Excel:
Workbooks
Johanna Sariov
NetCom Learning

AGENDA
Calculating mean and median values
Analyzing data using variance and standard deviation
Visualizing data with histograms and charts
Commonly used Z Score

CALCULATING MEAN AND MEDIAN VALUES
MEAN Function (Average)
The mean, also called the average, is a measure of spread in statistics. The mean is calculated by adding up all the numbers
in your data set and then dividing by the number of items in your data set. It may seem like an easy calculation, but it can
become quite complex with larger data sets (think—thousands of numbers!). If you want to find a mean in Excel, you have
two options:
1. Finding the Average (Mean) using Functions =Average(Range)
2. Full statistical output using the Data Analysis Toolpack
MEDIAN function
The median is one of the three main measures of central tendency, which is commonly used in statistics for finding the
center of a data sample or population, e.g. for calculating a typical salary, household income, home price, real-estate tax,
etc
For example, in the group of values {1, 2, 3, 4, 7} the median is 3. In the dataset {1, 2, 2, 3, 4, 7} the median is 2.5.

ANALYZING DATA USING VARIANCE AND STANDARD DEVIATION
Standard deviation and variance are basic mathematical concepts that play important roles
throughout the financial sector, including the areas of accounting, economics, and
investing. In the latter, for example, a firm grasp of the calculation and interpretation of
these two measurements is crucial to the creation of an effective trading strategy.
Standard deviation and variance are both determined by using the mean of a group of
numbers in question. The mean is the average of a group of numbers, and the variance
measures the average degree to which each number is different from the mean. The extent
of the variance correlates to the size of the overall range of numbers—meaning the
variance is greater when there is a wider range of numbers in the group, and the variance is
less when there is a narrower range of numbers.

VARIANCE AND STANDARD DEVIATION
Standard Deviation
• Standard deviation is a statistic that looks at how far from the
mean a group of numbers is, by using the square root of the
variance. The calculation of variance uses squares because it
weighs outliers more heavily than data closer to the mean. This
calculation also prevents differences above the mean from
canceling out those below, which can sometimes result in a
variance of zero.
• Standard deviation is calculated as the square root of variance by
figuring out the variation between each data point relative to the
mean. If the points are further from the mean, there is a higher
deviation within the date; if they are closer to the mean, there is
a lower deviation. So the more spread out the group of numbers
are, the higher the standard deviation.
• To calculate standard deviation, add up all the data points and
divide by the number of data points, calculate the variance for
each data point and then find the square root of the variance.
Variance
• The variance is the average of the squared differences from the mean.
To figure out the variance, first calculate the difference between each
point and the mean; then, square and average the results.
• For example, if a group of numbers ranges from 1 to 10, it will have a
mean of 5.5. If you square and average the difference between each
number and the mean, the result is 82.5. To figure out the variance,
subtract 82.5 from the mean, which is 5.5 and then divide by N, which is
the value of numbers, (in this case 10) minus 1. The result is a variance
of about 9.17. Standard deviation is the square root of the variance so
that the standard deviation would be about 3.03.
• However, because of this squaring, the variance is no longer in the same
unit of measurement as the original data. Taking the root of the
variance means the standard deviation is restored to the original unit of
measure and therefore much easier to measure.

SAMPLE DATA IN EXCEL
With the Sampling tool that’s part of the Data Analysis command in Excel, you can
randomly select items from a data set or select every nth item from a data set. For
example, suppose that as part of an internal audit, you want to randomly select x
amount of people from the staff list.

VISUALIZING DATA WITH HISTOGRAMS AND CHARTS
What is a histogram in Excel?
Wikipedia defines a histogram in the following way: "Histogram is a graphical
representation of the distribution of numerical data." Absolutely true, and…
totally unclear :) Well, let's think about histograms in another way.
• Have you ever made a bar or column chart to represent some numerical
data? I bet everyone has. A histogram is a specific use of a column chart
where each column represents the frequency of elements in a certain
range. In other words, a histogram graphically displays the number of
elements within the consecutive non-overlapping intervals, or bins.
• For example, you can make a histogram to display the number of days
with a temperature between 61-65, 66-70, 71-75, etc. degrees, the
number of sales with amounts between $100-$199, $200-$299, $300-
$399, the number of students with test scores between 41-60, 61-80, 81-
100, and so on.

COMMONLY USED Z SCORE

RECORDED WEBINAR VIDEO
To watch the recorded webinar video for live demos, please access the link:
http://tiny.cc/9udmnz
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