Excel 2013 Statistical Analysis #20: Standard Deviation: How Fairly Does Mean Represent Data Points?

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

[rizkyramdhany]

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!!

[excelisfun]

Excel 2013 Statistical Analysis #20: Standard Deviation: How Fairly Does Mean Represent Data Points?
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

[omnipop]

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!

[ShahinMahmudhtw]

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.

[bamakaze]

The best part was how you explained standard deviation: the average deviation from the mean.

[rrrprogram]

Abosolutely wonderful series....loving it ... thanks for all your work... can't be better than this

[satyamminal]

Just amazing the way you share each and every detail in a very easy manner . Couldn't resist to comment. Love from India❤️❤️

[NaveenKumarThirunavukkarasu]

wow. i understood the formula after all these years!!

[DIGITAL_COOKING]

indeed with excel statistics became easy...another epic series add to my favorite series MSPTDA

[tracychen]

Thanks for sharing. I've learned a great deal from your videos.

[qiancasper]

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 : (