Channel: ExcelIsFun

Category: Education

Tags: business statistical analysissingle cell formula for standard deviationdata analysisdick’s hamburgersstandard deviation discrete probability distributionsspilled array formulahighline collegeexcel statisticsmike girvindiscrete probability distributionssumprduct functionesa 24array formulamicrosoft 365 excelbusn 210mike excelisfun girvinstatistical analysisexpected valueexcelisfunexcel statistical analysisisaac’s italian restaurant

Description: Download Excel File: excelisfun.net/files/Ch05-ESA.xlsm Learn how to build Discrete Probability Distributions, Expected Value and Standard Deviation with Worksheet Formulas. Topics: 1. (00:00) Introduction 2. (00:20) Look at Data Sets from Video #6 and PivotTable Method to create Probability Distributions 3. (00:46) Example #1: Isaac’s Italian Restaurant Baquet Rooms. Use same data sets from Video #6, but use Formulas to build Discrete Probability Distribution 4. (01:15) Why use Formulas to build Discrete Probability Distribution? 5. (02:33) Define Random Discrete Variable: Number of Banquet Rooms Used For Day. 6. (02:51) Use SEQUENCE function to create and spill an array of random variables. 7. (03:47) Use COUNTIFS to calculate and spill frequencies for random variables. 8. (05:01) Create and spill a formula to calculate probabilities. 9. (05:40) Verify two requirements for a Discrete Probability Distribution. 10. (06:18) Make conclusions or business decisions based on Discrete Probability Distribution. 11. (06:45) Build Column Chart for Discrete Probability Distribution 12. (07:35) Add Random Variable to Horizontal Axis in Chart with Select Data dialog box. 13. (09:51) Calculate Expected Value (Mean) from a Discrete Probability Distribution 14. (11:32) Step-by-step method: Calculate Variance and Standard Deviation from a Discrete Probability Distribution. 15. (14:38) Single cell method for variance and standard deviation. 16. (18:12) Calculate probability for various events from the Discrete Probability Distribution. 17. (19:01) Add new data and see that formulas update instantly. 18. (20:31) How Formulas can be an advantage over PivotTable. 19. (20:57) 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 calculating probabilities and helping to make business decisions. 20. (25:58) Mention of Poisson Distribution. 21. (27:48) Summary of video and next video 22. (28:34) Closing and Video Links