Channel: ExcelIsFun

Category: Education

Tags: business statistical analysisbell curve or symmetrical distributionmanufacturing filling machine for cereal boxesdata analysisesa 14highline collegeempirical ruleexcel statisticsmike girvinstandardize functiongas price empirical rulechebyshev's theorem; number of standard deviationsmicrosoft 365 excelbusn 210z-scoremike excelisfun girvinstatistical analysisexcelisfunexcel statistical analysisexcel formulas for upper and lower limits

Description: Download Excel File: excelisfun.net/files/Ch03-ESA.xlsm Learn about the z-score (number of standard deviations) and how to calculate it and use it in the Empirical Rule and Chebyshev's Theorem. Topics: 1. (00:00) Introduction to Z-Score 2. (01:23) Basics of Z-Score Calculations using math formula or STANDARDIZE function. 3. (03:16) Range for z-scores is usually -3 to 3. And Z-score of zero means value is equal to mean. 4. (03:58) Spilled Array Formula to calculate z-scores for entire data set 5. (04:50) Histogram with a Bell Curve or Symmetrical Distribution: look at where z-scores fall 6. (06:05) Distributions that tend to have a bell shape 7. (06:35) Understanding Empirical Rule 8. (08:10) Outliers that are past + / - 3 standard deviations 9. (08:36) Finance Field’s mis-use of the empirical rule. 10. (09:52) Empirical Rule to make probability distribution statements. See multiple examples of formulas and calculations to calculate the upper and lower limits for a probability interval. 11. (11:39) Gas Price Empirical Rule example 12. (14:01) Manufacturing Filling Machine example for cereal boxes 13. (15:02) First attempt at calculating Empirical Rule Probabilities based on a Chart Visual. 14. (15:42) When you can use Empirical Rule. 15. (16:04) Integral Calculus reference for calculating area under the curve 16. (19:23) Chebyshev’s Theorem 17. (22:26) Compare Empirical Rule and Chebyshev’s Theorem 18. (23:21) Summary 19. (23:47) Closing and Video Links