3.4: Using Software Tools To Create Summery Statistics Flashcards
What signal is used to indicate to Excel that a calculation is about to be performed, and what is an argument in Excel functions?
In Excel, calculations are signaled by starting with an equal (=) sign.
An argument in Excel functions is a value that the function uses to perform calculations.
For most Excel functions related to summary statistics, what is typically required to be specified in the parentheses?
For most Excel functions related to summary statistics, a range of cells is typically required to be specified within the parentheses.
How are Excel functions useful for calculating summary statistics, and what is an example of using an Excel function to calculate an average?
Excel functions are useful for automating the calculation of summary statistics, saving time and reducing errors.
For example, you can use the “=AVERAGE(range)” function to calculate the average of a specified range of cells, as shown in Exhibit 3.10.
What does Excel Data Analysis ToolPak help users with in terms of statistics and analysis?
Excel Data Analysis ToolPak helps users generate basic statistics, including the:
mean,
median,
mode,
skewness,
standard deviation,
minimum,
and maximum of a data set.
How can users check if they have installed the Excel Data Analysis ToolPak, and where can they typically find it in Excel?
Users can check if they have installed the Excel Data Analysis ToolPak by looking for it on the Data Analyze ribbon in Excel, although its appearance may vary by platform and version.
What does the skewness value in Excel’s Descriptive Statistics indicate about a data set, and what does a skewness value above 0 suggest?
The skewness value in Excel’s Descriptive Statistics indicates the skewness of a data set.
A skewness value above 0 suggests that the data set is skewed to the right or positively skewed.
What is the significance of Excel’s kurtosis value, and how does it relate to the shape of a distribution?
Excel’s kurtosis value is relative to the normal distribution.
A kurtosis value closer to zero indicates a shape closer to a normal distribution.
Positive excess kurtosis suggests a “taller” or more peaked distribution with more extreme values in the tails, while negative excess kurtosis suggests a “flatter” distribution with less extreme values in the tails.
When might kurtosis be particularly important in data analysis, and how does it relate to risk management?
Kurtosis is particularly important in risk management analysis.
Riskier distributions tend to have positive kurtosis, indicating more extreme values in the tails, while less risky distributions have negative kurtosis, indicating less extreme values in the tails.
What are some of the default aggregation methods available in Excel Pivot Tables, Power BI, and Tableau?
Some default aggregation methods available in Excel Pivot Tables, Power BI, and Tableau include SUM, Average, Count, Maximum, Minimum, and Standard Deviation.
How can you change the default aggregate measure in an Excel Pivot Table, and what is shown in Exhibit 3.14?
You can change the default aggregate measure in an Excel Pivot Table by selecting a different aggregation method, such as changing SUM to AVERAGE.
What steps are involved in changing the default aggregate measure for a visualization in Tableau, and what is shown in Exhibit 3.16?
To change the default aggregate measure for a visualization in Tableau, you need to drag and drop a different measure onto the Marks card.
Exhibit 3.16 illustrates how to change the aggregate measure in Tableau.
What does Tableau offer in terms of summary statistics for visualizations, and what is shown in Exhibit 3.17?
Tableau provides the ability to display a variety of summary statistics for any visualization you create.
Exhibit 3.17 demonstrates this feature in Tableau.
