Excel Statistical Analysis 16: Introduction to Probability. Power Query & Pivot Table Example too

Learn about the basics of probability:
Topics:
1. (00:00) Introduction
2. (00:58) Examples of Probability
3. (02:46) What is Probability? Define Probability.
4. (05:14) Types of Probabilities
5. (06:39) Define Random Experiment
6. (06:48) Define Sample Points
7. (07:18) Define Sample Space
8. (09:25) Tree Diagrams to list all Sample Points in Sample Space
9. (11:16) Table Diagram to list all Sample Points in Sample Space
10. (11:38) Array Formula to create Sample Space for Rolling Dice Experiment. Learn about the SEQUENCE Array Function. See a Spilled Array Formulas that spills 36 answers.
11. (17:12) Calculate Probability by counting Sample Points.
12. (18:03) Counting Rule to count all Experimental Outcomes or Sample Points
13. (20:07) Difference between Combinations and Permutations
14. (21:26) Example of when to use Combinations
15. (22:08) Combinations and the COMBIN function
16. (23:12) Permutations and the PERMUT function
17. (24:00) Basic Requirements for Probability
18. (24:25) Define Events
19. (24:44) Define Probability of Events. Three Examples.
20. (25:52) Isaac’s Italian Restaurant Example of Samples Points, Events and Probabilities – done from a data set of business records. This example shows the relationship between a data set, Sample Points and Probability.
21. (27:56) Comprehensive Business Example of using data to useful information for business decision making based on Probability for the Sonic Home Earthquake Retrofit Company.
22. (28:44) Excel Smart Art Horizontal Hierarchy to create Tree Diagram with all Samples Points
23. (33:19) Consider goal of project: Calculate the Probability that a project will take 1 month or less. Classical Probability is not appropriate. We know this based on past data. We use a data set with company records to list all sample points and calculate a Relative Frequency Distribution for Probability.
24. (33:44) Look at data set
25. (34:18) Power Query to import CSV data
26. (36:05) Excel Table formulas to create sample points and sum of project hours in business record data set
27. (37:54) PivotTable to create Relative Frequency Distribution based on sample points
28. (39:26) Calculate Probability based on Sample Point Frequency Distribution.
29. (40:25) PivotTable to create Relative Frequency Distribution based on random variable “Total Weeks For Project”
30. (41:38) Calculate Probability based on the Variable “Total Weeks for Project” Frequency Distribution.
31. (41:57) Summary of business example
32. (42:20) Summary of video
33. (43:15) Closing and Video Links

[unionafrican]

WELCOME BACK Mike, thanks to God for everything and for your recovery.

[roywilson]

So nice to see you back! I hope that you are fully recovered

[lorenzoconsegni]

...already back!?! Super happy here!!!

[chrism]

And he's back! Looking forward to this video Mike!

[ExcelWizard]

Glad to see you back, hoping you feel better each day. 🤗🤗

[wayneedmondson]

Hi Mike. Glad to see you back and posting again! Hope you are fully recovered. Thanks for another awesome Stats/Excel lesson. I think I'm growing new brain cells following this series.. haha :)) Much appreciate your content and the entertaining way you convey the message and the method! Thumbs up!!

[nimrodzik]

Welcome back Mike! :). Great as always!

[darrylmorgan]

Boom!Great To See You Back :)Hope All Is Good!Really Enjoyed This Super Fun Class...Thank You Mike :)

[sevagj.b]

Ho man Welkom back
Nice to see your video on regular rhythm 🥁
Thanks Mike

[PJay-nseh]

You don't know how much I have missed you 😀. Lets learn 😎

[marykiandokajoka]

Great Lesson! Very detailed and great things to learn! Thank you, Sir :):):):):)

[kiwikiow]

Great content. Probability is important to make decision. Thank you Mike :-)

[antique-bsbb]

Turning off speak cells - well done. Last week I ran a 2 day Excel course and couldn't work out how to turn off Speak cells until after the course finished.

[vamp]

long time no see my man I was waiting for the new lesson

[Excelambda]

So glad you are back!! ✌Great video !! ✌
For fun only, dice array, no sequence 😉
=MAKEARRAY(6, 6, LAMBDA(r, c, "("&r&", "&c&") = "&r+c))

[justin]

Hi there! I was wondering how you record and edit your videos? What software do you use and how do you do the highlights so that they synchronize with your narration? Thanks!

[shiffamohammed]

Welcome back Mike!!! You must have fully recovered. Thanks to GOD, you are back with great contents as always, thank you so much Mike!!! & So glad to see you back.

[msantosh]

What happened Mike?? Saw some ping ppl asking about ur recovery n "he is back".
Hope all is good with you.

[teresa]

Is there a way to send you excel files? I have two tables where I want to combine two tables. I believe I'm just missing a step. I'm having a hard time finding a solution.