Excel Statistical Analysis 24: Build Discrete Probability Distributions with Worksheet Formulas

Posted on by Annie D

Download Excel File: https://excelisfun.net/files/Ch05-ESA.xlsm
Learn how to build Discrete Probability Distributions, Expected Value and Standard Deviation with Worksheet Formulas.
Topics:
1. (00:00) Introduction
2. (00:20) Look at Data Sets from Video #6 and PivotTable Method to create Probability Distributions
3. (00:46) Example #1: Isaac’s Italian Restaurant Baquet Rooms. Use same data sets from Video #6, but use Formulas to build Discrete Probability Distribution
4. (01:15) Why use Formulas to build Discrete Probability Distribution?
5. (02:33) Define Random Discrete Variable: Number of Banquet Rooms Used For Day.
6. (02:51) Use SEQUENCE function to create and spill an array of random variables.
7. (03:47) Use COUNTIFS to calculate and spill frequencies for random variables.
8. (05:01) Create and spill a formula to calculate probabilities.
9. (05:40) Verify two requirements for a Discrete Probability Distribution.
10. (06:18) Make conclusions or business decisions based on Discrete Probability Distribution.
11. (06:45) Build Column Chart for Discrete Probability Distribution
12. (07:35) Add Random Variable to Horizontal Axis in Chart with Select Data dialog box.
13. (09:51) Calculate Expected Value (Mean) from a Discrete Probability Distribution
14. (11:32) Step-by-step method: Calculate Variance and Standard Deviation from a Discrete Probability Distribution.
15. (14:38) Single cell method for variance and standard deviation.
16. (18:12) Calculate probability for various events from the Discrete Probability Distribution.
17. (19:01) Add new data and see that formulas update instantly.
18. (20:31) How Formulas can be an advantage over PivotTable.
19. (20:57) Example #2: Dick’s Hamburgers Customer Arrivals during Lunchtime Example. See everything in this quickly paced example: Probability Distribution, Expected Value, Standard Deviation, Charting and calculating probabilities and helping to make business decisions.
20. (25:58) Mention of Poisson Distribution.
21. (27:48) Summary of video and next video
22. (28:34) Closing and Video Links

ExcelIsFunSat, March 12, 2022 11:18am