I just thought how impressive it was when you need to study about both statistic and excel formula to get this crystal clear concept explained. Truly Impressive!!
Excel 2013 Statistical Analysis #20: Standard Deviation: How Fairly Does Mean Represent Data Points? Download files: people.highline.edu/mgirvin/excelisfun.htm Topics in this video are about Variation, Dispersion, Spread in the Data and Standard Deviation: 1. (00:09) Three data sets and charts of each to illustrate the concept of Variability, or Dispersion, or Spread in the Data. 2. (00:20) Set 1 (Hours Worked per Week Data), we ask the question: How fairly does the mean represent its data points? 3. (02:37) Set 2 (Seattle and Burien Gas Prices), we ask the question: How volatile are Prices? 4. (03:17) Set 3 (Supplier Days To Fill Order Data), we ask the question: How reliable is a Supplier? 5. (04:37) Calculate Range: Max - Min 6. (05:50) Calculate Interquartile range: Quartile 3 - Quartile 1 = Middle 50% of the values 7. (07:17) Variance and Standard Deviation Math Formulas for populations and samples. 8. (08:13) Calculate Sample Standard Deviation Long Hand and with STDEV.S for Data Set 3 (Supplier Days To Fill Order Data), were we ask the question: How reliable is a Supplier? 9. (16:45) Alternative Formula for Sample Standard Deviation 10. (17:05) Mean Absolute Error Formula 11. (17:20) Calculate Sample Standard Deviation with STDEV.S for Data Set 1, (Hours Worked per Week Data) were we ask the question: How fairly does the mean represent its data points? 12. (18:06) Calculate Sample Standard Deviation with STDEV.S for Set 2 (Seattle and Burien Gas Prices), were we ask the question: How volatile are Prices? 13. (19:25) Coefficient of Variation 14. (23:25) Using Descriptive Statistics feature to quickly calculate Numerical Measures like Mean, Median, Mode, Standard Deviation and more 15. (24:52) X-Y Scatter Chart to Visually Portray Variation or Dispersion or Spread in the Data. 16. (25:09) Summary of topics in video
For anyone else confused, it looks like - in the legend at 3:47 - the yellow triangle is mislabeled "Banderson's" (it should be "Plywood & Floor"). This error causes Mike to refer to the top row of red dots (with narrow dispersion) as Banderson's, and the bottom row of blue dots (with wide dispersion) as Plywood & Floor, when it's actually the opposite. But with that understood, this is still a great, great video that's going to help a lot of people. Cheers!
Sorry about that. I have fixed it in the latest version of this class, here: ruclips.net/p/PLrRPvpgDmw0m3oqpp1XcPuaxyM4Bpi0dN (video #13 covers standard deviation).
Thank you very very much for your wonderful teaching, you are the best teacher who teaches me Excel so nicely. After following your videos, I am getting really better day by day in Excel. And my analytical skill is getting better. Thanks for your hard work and being so kind with all your efforts.
Yes, and this is one of the best videos. Standard deviation is so important and fundamental in so many other statistical calculations, that if you don't understand it you are lots. I tried with pictures and with the concept "How Fairly Does Your Mean Represent Your Data Points" to break down the difficult Standard Deviation concept and make it less difficult to understand : ) Thank you very much, rrr program for you support on each video : ) : ) : ) : )
Yes, DIGITAL COOKING, this is one of my favorite videos that i have ever made, why? Because most people think the Standard Deviation is so hard to understand, but with a good picture and the concept "How Fair Is Your Mean?" and it is not so hard! You are becoming even more of an Excel Expert, DIGITAL COOKING!!! : )
@@excelisfun not yet, but i get solid understanding of excel basics ...and i passed test in one of the excel web sites my score was 8.5/10 :) thanks for the knowledge you give us
and believe it or not I follow you because of them I was at the point to study VBA , and I read one of their article where they said we shouldn't , and I saw one of your video with mr excel doing the same thing with formulas hi did with VBA(unfortunately don't remember the title of the video) it was awesome , from that point I follow you :)
Mike, thanks for creating this video. I just wonder am I understanding correct if apply this concept into logistics to evaluate the shipping turn around time the lower value the better? coz it's fairly represent how stable the logistic company perform, am i rite? Sorry bear my English : (
Thanks, Boss Trucker!!!! Really, though, most humans have a hard time understanding Standard Deviation, but with that chart to visualize two means and two spreads in the data, it makes it much easier.
I just thought how impressive it was when you need to study about both statistic and excel formula to get this crystal clear concept explained. Truly Impressive!!
Been doing it for almost 20 years now : )
Excel 2013 Statistical Analysis #20: Standard Deviation: How Fairly Does Mean Represent Data Points?
Download files: people.highline.edu/mgirvin/excelisfun.htm
Topics in this video are about Variation, Dispersion, Spread in the Data and Standard Deviation:
1. (00:09) Three data sets and charts of each to illustrate the concept of Variability, or Dispersion, or Spread in the Data.
2. (00:20) Set 1 (Hours Worked per Week Data), we ask the question: How fairly does the mean represent its data points?
3. (02:37) Set 2 (Seattle and Burien Gas Prices), we ask the question: How volatile are Prices?
4. (03:17) Set 3 (Supplier Days To Fill Order Data), we ask the question: How reliable is a Supplier?
5. (04:37) Calculate Range: Max - Min
6. (05:50) Calculate Interquartile range: Quartile 3 - Quartile 1 = Middle 50% of the values
7. (07:17) Variance and Standard Deviation Math Formulas for populations and samples.
8. (08:13) Calculate Sample Standard Deviation Long Hand and with STDEV.S for Data Set 3 (Supplier Days To Fill Order Data), were we ask the question: How reliable is a Supplier?
9. (16:45) Alternative Formula for Sample Standard Deviation
10. (17:05) Mean Absolute Error Formula
11. (17:20) Calculate Sample Standard Deviation with STDEV.S for Data Set 1, (Hours Worked per Week Data) were we ask the question: How fairly does the mean represent its data points?
12. (18:06) Calculate Sample Standard Deviation with STDEV.S for Set 2 (Seattle and Burien Gas Prices), were we ask the question: How volatile are Prices?
13. (19:25) Coefficient of Variation
14. (23:25) Using Descriptive Statistics feature to quickly calculate Numerical Measures like Mean, Median, Mode, Standard Deviation and more
15. (24:52) X-Y Scatter Chart to Visually Portray Variation or Dispersion or Spread in the Data.
16. (25:09) Summary of topics in video
For anyone else confused, it looks like - in the legend at 3:47 - the yellow triangle is mislabeled "Banderson's" (it should be "Plywood & Floor"). This error causes Mike to refer to the top row of red dots (with narrow dispersion) as Banderson's, and the bottom row of blue dots (with wide dispersion) as Plywood & Floor, when it's actually the opposite. But with that understood, this is still a great, great video that's going to help a lot of people. Cheers!
Sorry about that. I have fixed it in the latest version of this class, here: ruclips.net/p/PLrRPvpgDmw0m3oqpp1XcPuaxyM4Bpi0dN (video #13 covers standard deviation).
Thank you very very much for your wonderful teaching, you are the best teacher who teaches me Excel so nicely. After following your videos, I am getting really better day by day in Excel. And my analytical skill is getting better. Thanks for your hard work and being so kind with all your efforts.
You are welcome, Shahin!!! Thank you for your support with your comment, thumbs up : )
The best part was how you explained standard deviation: the average deviation from the mean.
Just amazing the way you share each and every detail in a very easy manner . Couldn't resist to comment. Love from India❤️❤️
Please do comment on each video that you learn from : ) I am glad that you enjoy the content : )
Abosolutely wonderful series....loving it ... thanks for all your work... can't be better than this
Yes, and this is one of the best videos. Standard deviation is so important and fundamental in so many other statistical calculations, that if you don't understand it you are lots. I tried with pictures and with the concept "How Fairly Does Your Mean Represent Your Data Points" to break down the difficult Standard Deviation concept and make it less difficult to understand : ) Thank you very much, rrr program for you support on each video : ) : ) : ) : )
wow. i understood the formula after all these years!!
Cool! I am glad that the video helps! If you break Standard Deviation down, it is quite easy to understand! :)
+Naveen Kumar Same thing here!
+popinigis Cool!! I am glad that the video helps understanding!!
@@excelisfun ppp
Realy awesome explanation
Glad it helps, asif!!!
indeed with excel statistics became easy...another epic series add to my favorite series MSPTDA
Yes, DIGITAL COOKING, this is one of my favorite videos that i have ever made, why? Because most people think the Standard Deviation is so hard to understand, but with a good picture and the concept "How Fair Is Your Mean?" and it is not so hard! You are becoming even more of an Excel Expert, DIGITAL COOKING!!! : )
@@excelisfun not yet, but i get solid understanding of excel basics ...and i passed test in one of the excel web sites my score was 8.5/10 :) thanks for the knowledge you give us
@@DIGITAL_COOKING What is the web site where you look the test and got 8.5 out of 10?
@@excelisfun this one Mike
www.auditexcel.co.za/excel-skills-assessment/
and believe it or not I follow you because of them I was at the point to study VBA , and I read one of their article where they said we shouldn't , and I saw one of your video with mr excel doing the same thing with formulas hi did with VBA(unfortunately don't remember the title of the video) it was awesome , from that point I follow you :)
Thanks for sharing. I've learned a great deal from your videos.
You are welcome!
Thanks!
Mike, thanks for creating this video. I just wonder am I understanding correct if apply this concept into logistics to evaluate the shipping turn around time the lower value the better? coz it's fairly represent how stable the logistic company perform, am i rite? Sorry bear my English : (
superhero :)
Thanks, Boss Trucker!!!! Really, though, most humans have a hard time understanding Standard Deviation, but with that chart to visualize two means and two spreads in the data, it makes it much easier.
How to get the graph shown