Excel Statistical Analysis - Build Discrete Probability Distributions with Worksheet Formulas

Overview

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Learn to construct discrete probability distributions using Excel worksheet formulas in this comprehensive 29-minute tutorial. Master the SEQUENCE function to create random variable arrays, use COUNTIFS for frequency calculations, and develop formulas for probability computations. Verify distribution requirements, make data-driven business decisions, and create column charts to visualize results. Calculate expected values, variance, and standard deviation using step-by-step and single-cell methods. Apply these techniques to real-world scenarios, such as restaurant banquet room usage and customer arrivals during lunchtime. Discover the advantages of formula-based approaches over PivotTables, and gain insights into the Poisson distribution. Download the accompanying Excel file to practice alongside the instructor and reinforce your understanding of statistical analysis in Excel.

Syllabus

) Introduction.
) Look at Data Sets from Video #6 and PivotTable Method to create Probability Distributions.
) Example #1: Isaac’s Italian Restaurant Baquet Rooms. Use same data sets from Video #6, but use Formulas to build Discrete Probability Distribution.
) Why use Formulas to build Discrete Probability Distribution?.
) Define Random Discrete Variable: Number of Banquet Rooms Used For Day..
) Use SEQUENCE function to create and spill an array of random variables..
) Use COUNTIFS to calculate and spill frequencies for random variables..
) Create and spill a formula to calculate probabilities..
) Verify two requirements for a Discrete Probability Distribution..
) Make conclusions or business decisions based on Discrete Probability Distribution..
) Build Column Chart for Discrete Probability Distribution.
) Add Random Variable to Horizontal Axis in Chart with Select Data dialog box..
) Calculate Expected Value (Mean) from a Discrete Probability Distribution.
) Step-by-step method: Calculate Variance and Standard Deviation from a Discrete Probability Distribution..
) Single cell method for variance and standard deviation..
) Calculate probability for various events from the Discrete Probability Distribution..
) Add new data and see that formulas update instantly..
) How Formulas can be an advantage over PivotTable..
) Example #2: Dick’s Hamburgers Customer Arrivals during Lunchtime Example. See everything in this quickly paced example: Probability Distribution, Expected Value, Standard Deviation, Charting and calculating probabilities and helping to make business decisions..
) Mention of Poisson Distribution..
) Summary of video and next video.
) Closing and Video Links.