Descriptive Statistics: How it works
| Description How it works |
This tool works by using a Named Formula to identify the source data. The forumla "Data" picks up the data from column A of the Sheet "Data". The statistical metrics are then calculated using Excel formulae. The Standard Error is calculated by dividing the standard deviation by the square root of the number of data values. To generate the histogram, the data is divided into bins and the frequency in each bin counted using the Excel formula FREQUENCY. The number of bins is the nearest integer of the square root of the number of data points, rounded up. The named formulae BINS and FREQ are used to divide the data into bins and count them. A column chart of Frequency against Bins creates the histogram. |