Excel Statistical Analysis - Introduction to Probability, Power Query & Pivot Table Example

Overview

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Dive into a comprehensive 44-minute video tutorial on probability fundamentals and their practical applications in Excel. Explore key concepts such as random experiments, sample points, sample space, and events. Learn to create tree diagrams and use array formulas for sample space generation. Understand the differences between combinations and permutations, utilizing COMBIN and PERMUT functions. Apply these concepts to real-world business scenarios, including a detailed example from the Sonic Home Earthquake Retrofit Company. Master Power Query for data import, Excel table formulas for sample point creation, and PivotTables for relative frequency distributions. Gain valuable insights into calculating probabilities based on sample point and variable frequency distributions, enhancing your ability to make data-driven business decisions.

Syllabus

) Introduction.
) Examples of Probability.
) What is Probability? Define Probability..
) Types of Probabilities.
) Define Random Experiment.
) Define Sample Points.
) Define Sample Space.
) Tree Diagrams to list all Sample Points in Sample Space.
) Table Diagram to list all Sample Points in Sample Space.
) Array Formula to create Sample Space for Rolling Dice Experiment. Learn about the SEQUENCE Array Function. See a Spilled Array Formulas that spills 36 answers..
) Calculate Probability by counting Sample Points..
) Counting Rule to count all Experimental Outcomes or Sample Points.
) Difference between Combinations and Permutations.
) Example of when to use Combinations.
) Combinations and the COMBIN function.
) Permutations and the PERMUT function.
) Basic Requirements for Probability.
) Define Events.
) Define Probability of Events. Three Examples..
) Isaac’s Italian Restaurant Example of Samples Points, Events and Probabilities – done from a data set of business records. This example shows the relationship between a data set, Sample Points and Probability..
) Comprehensive Business Example of using data to useful information for business decision making based on Probability for the Sonic Home Earthquake Retrofit Company..
) Excel Smart Art Horizontal Hierarchy to create Tree Diagram with all Samples Points.
) Consider goal of project: Calculate the Probability that a project will take 1 month or less. Classical Probability is not appropriate. We know this based on past data. We use a data set with company records to list all sample points and calculate a Relative Frequency Distribution for Probability..
) Look at data set.
) Power Query to import CSV data.
) Excel Table formulas to create sample points and sum of project hours in business record data set.
) PivotTable to create Relative Frequency Distribution based on sample points.
) Calculate Probability based on Sample Point Frequency Distribution..
) PivotTable to create Relative Frequency Distribution based on random variable “Total Weeks For Project”.
) Calculate Probability based on the Variable “Total Weeks for Project” Frequency Distribution..
) Summary of business example.
) Summary of video.
) Closing and Video Links.