11.1 Understanding Data, Data Validation, and Data Tables

Data can be qualitative or quantitative.
There are four levels of measurement for data.
Data verification and the Data Validation tool can ensure the quality of data in your spreadsheets.
Excel Data Tables can be used to quickly format information in a professional manner.
Data Tables can be used to filter and better understand the information contained in a spreadsheet.

11.2 Statistical Functions

Data analysis is critical for any business to be successful.
Excel’s built-in statistical functions, such as SUM, AVERAGE, MODE, RANGE, and MEDIAN, provide basic information about a dataset.
The Analysis ToolPak add-in provides a collection of statistical tools for data analysis such as regression and ANOVA.
Descriptive Statistics is a quick way to summarize a dataset by giving you values such as the average, the range, and the maximum number.
Regression is used for forecasting and budgeting.
The Solver add-in is used to find optimal solutions given a set of predetermined constraints.

Scenario Manager and Goal Seek are part of the What-If Analysis tool group.
The Scenario Manager is a tool that allows you to investigate the impact of various changes to input cells on target cells.
The Scenario Manager can give you a summary of all scenarios to help with decision making.
Goal Seek is used when you have a single input variable.
Goal Seek is used to set a target value for a cell by changing the values in another cell.

The PivotTable Analyze tab offers tools to make data analysis and filtering easier.
Timelines can be inserted to filter the PivotTable data by date.
Slicers can be used in PivotTables and Data Tables to filter data with visual buttons.
Calculated fields can be added to PivotTables for additional analysis using formulas.
The List Formulas tool creates a separate worksheet that includes all formulas used in the PivotTable. It is a valuable tool when there are multiple users of a single workbook.

There are many types of charts to visually present your data.
Some options for charts or graphs include bar charts, pie charts, column charts, line graphs, and scatter plots.
A column chart can be used to show comparisons between groups.
A line chart is useful to show changes over time.
Scatter plots visually show the relationship between two variables and are often used with regression.
Chart templates can be created for chart formats you use frequently such as those with company colors or logos.
The Quick Analysis tool gives you access to several options such as conditional formatting, adding totals to the rows or columns, or quick links to creating a chart of the data.
Sparklines added to your Data Table can be used to quickly assess trends.