Excel Skills Simplified: Tutorials That Actually Work
The z-score, also known as the standard score, is a measurement used in statistics. It is the measurement of the number of standard deviations that a specific number is above or below a mean. The formula to calculating the z-score is:
z = (x – μ) / σ
where:
Radar charts, also known as spider charts, web charts or star charts, are used to evaluate multiple alternatives based on multiple criteria. You need to use a radar chart when you have to display multivariate data in the form of a chart that has three or more axis.
For example, you can use a radar chart to analyze the strengths and weaknesses of a number of supply chain strategies or to compare multiple projects graphically. Given below is a simple radar chart with 5 axes on a scale of 0 to 10.
If you have written any competitive exams, you might be familiar with the term percentile. Most of today’s competitive entrance exams publish the results of the applicants based on percentiles. You might be familiar with the term percent. But, it is not the same as percentile.
Do not confuse these terms. As we all know, percentage is a number defined as a fraction of 100. So, if a person says that he scored 60% marks in his GMAT exam, then it means that if total score is 100, he scored 60 marks.
Obviously, if the total score is 50, the person has got 30 marks in the exam.
Excel is equipped with a variety of built-in functions that make calculations simple and efficient. While common functions like AVERAGE, SUM, and SQRT are frequently used, finding the nth root of a number requires a bit of mathematical manipulation since Excel doesn’t have a direct nth root function. Here’s how you can calculate the nth root, including the square root, cube root, and other roots.
What-If Analysis in Excel allows you to explore how changing input values affect calculated outcomes, essentially working in reverse of standard formulas. Instead of using known inputs to determine an output, What-If Analysis helps you find the input required to achieve a desired output.
This technique is applicable to various scenarios, such as budget planning, investment analysis, and retirement savings projections, with Goal Seek being a prominent tool within this suite.
The Ishikawa diagram, popularly known as the fishbone diagram or the cause and effect diagram, is mainly used in quality management. It is used to analyze inefficiencies of processes. Thanks to the fishbone diagram, we have the opportunity to analyze the problem that is visible in the process.
The Ishikawa Diagram is a tool that will detailly identify the root causes of this problem. In other words, an Ishikawa diagram can help identify defects in processes by analyzing the root causes of the problem.
Trigonometry is a branch of mathematics that studies the relationships between the elements (sides and angles) of a triangle.
You may recall many trigonometric formulas and equations from your school or college days. Some of them are cot x = 1/tanx , six x/cos x = tan x, sin(900-x) – cos x and so on.
Excel offers a number of built-in functions that deal with trigonometry. You can use these trig functions to solve complex trigonometric expressions.
Performing calculations on complex numbers in Excel is not difficult because Excel has a set of functions that allow many different calculations of complex numbers.
Tornado diagrams, or tornado charts, are modified versions of bar charts and are also one of the classic tools of sensitivity analysis used by decision makers to get a quick overview of the risks involved. In other words, a tornado diagram or chart shows a financial analysis for a project.
Regression analysis is a powerful statistical tool used to analyze and model the relationships between variables. It allows us to understand how changes in independent variables affect the value of a dependent variable.
We will explore how to perform regression analysis in Microsoft Excel, specifically focusing on linear and multiple regression models.