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Excel Statistical Analysis - Build Discrete Probability Distributions with Worksheet Formulas
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- 1 ) Introduction
- 2 ) Look at Data Sets from Video #6 and PivotTable Method to create Probability Distributions
- 3 ) Example #1: Isaac’s Italian Restaurant Baquet Rooms. Use same data sets from Video #6, but use Formulas to build Discrete Probability Distribution
- 4 ) Why use Formulas to build Discrete Probability Distribution?
- 5 ) Define Random Discrete Variable: Number of Banquet Rooms Used For Day.
- 6 ) Use SEQUENCE function to create and spill an array of random variables.
- 7 ) Use COUNTIFS to calculate and spill frequencies for random variables.
- 8 ) Create and spill a formula to calculate probabilities.
- 9 ) Verify two requirements for a Discrete Probability Distribution.
- 10 ) Make conclusions or business decisions based on Discrete Probability Distribution.
- 11 ) Build Column Chart for Discrete Probability Distribution
- 12 ) Add Random Variable to Horizontal Axis in Chart with Select Data dialog box.
- 13 ) Calculate Expected Value (Mean) from a Discrete Probability Distribution
- 14 ) Step-by-step method: Calculate Variance and Standard Deviation from a Discrete Probability Distribution.
- 15 ) Single cell method for variance and standard deviation.
- 16 ) Calculate probability for various events from the Discrete Probability Distribution.
- 17 ) Add new data and see that formulas update instantly.
- 18 ) How Formulas can be an advantage over PivotTable.
- 19 ) 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 ca…
- 20 ) Mention of Poisson Distribution.
- 21 ) Summary of video and next video
- 22 ) Closing and Video Links
