Looking to dive into some advanced analytics techniques like correlation, covariance, regression, or t-tests? Good news: These options (along with many others) are all available in Excel using a built-in tool known as the Analysis ToolPak. In this tip, you can preview some basic options like correlation analysis and descriptive statistics to explore a sample of 5,000 Olympic athletes.
- [Instructor] All right, this next pro tip … is a little bit of a teaser, … kind of a sneak peak preview into some different ways … that you can explore your data using something … called the Analysis ToolPak. … So, just like Solver, the Analysis ToolPak … is a built-in Excel plugin that's designed to support … a range of more advanced and complex data science … and statistical tools and methods. … Things like analysis of variance, Anova, covariance, … regression, t-Tests, histograms, and so on. … Now, obviously I don't have time to dive … into each of those specific methods in turn. … They each deserve a much deeper, … much more comprehensive review, … but what I will show you is the scope of options … available within this ToolPak, as well as a few … that we can use right off the bat … that are simpler but no less powerful. … So, in this demo, we're going to be looking … at a sample of about 5,000 Olympic athletes, … along with their ages, heights, and weights. … And what we can do is drill into our Data tab, …
- Use the Analysis ToolPak to explore data.
- Interpret the effect of a fence when using outlier detection.
- Explain data modeling basics in Excel.
- Use CUBE functions to explore data models.
- Use Monte Carlo simulations to predict outcome probability.
- Recognize the actions Solver does to optimize complex data models.