Question

Watch the "Chapter 3 Introduction" video located in MindTap, which provides an overview of how to use Excel tools for calculation. Explain how the use of Excel tools and applications of the data analysis tool can increase the effectiveness and efficiency of statistical calculations. Discuss which tools you find most useful and provide an example of how you applied the tools. In replies to peers, discuss whether you agree or disagree with the assessments of peers and provide additional examples of how the tools can be applied.

Answer 1

Excel is a great program if your objective is to get a general understanding of statistical concepts, or to perform basic statistical analysis. One of the tools that will be most useful for this task is Excel Analysis ToolPak. This pack includes many of the tools that you might need to use in statistical analysis, including mean, standard error, median, mode, standard deviation, sample variance, kurtosis, skewness, range, minimum, maximum, sum and count.