Wednesday, June 26, 2013
As Excel users, we are much more likely to use statistics than the Average Joe. A very Quick and Easy way to obtain most of the common stats used in business is to go to the Data Ribbon in Excel and choose Data Analysis (on the far right of the ribbon).
You can then try this out by choosing Regression from the Data Analysis dropdown. Using the data shown above, put the Sales Data in the Input Y Range and the Month Data in the Input X Range, and choose a single cell for the Output Range.
The results will Instantly give you the following Regression Statistics:
• Multiple R
• R Square
• Adjusted R Square
• Standard Error
You will also get grouped ANOVA stats for Regression and Residual.
For those of us who live with statistics, this technique can be a boon for obtaining a Quick Summary of your Stats. 4 out of 5 Excel Gurus Recommend It!