Excel Statistical Analysis - Build Discrete Probability Distributions with Worksheet Formulas

Learn to construct discrete probability distributions using Excel worksheet formulas in this comprehensive 29-minute tutorial. Master the SEQUENCE function to create random variable arrays, use COUNTIFS for frequency calculations, and develop formulas for probability computations. Verify distribution requirements, make data-driven business decisions, and create column charts to visualize results. Calculate expected values, variance, and standard deviation using step-by-step and single-cell methods. Apply these techniques to real-world scenarios, such as restaurant banquet room usage and customer arrivals during lunchtime. Discover the advantages of formula-based approaches over PivotTables, and gain insights into the Poisson distribution. Download the accompanying Excel file to practice alongside the instructor and reinforce your understanding of statistical analysis in Excel.

) Introduction.
) Look at Data Sets from Video #6 and PivotTable Method to create Probability Distributions.
) Example #1: Isaac’s Italian Restaurant Baquet Rooms. Use same data sets from Video #6, but use Formulas to build Discrete Probability Distribution.
) Why use Formulas to build Discrete Probability Distribution?.
) Define Random Discrete Variable: Number of Banquet Rooms Used For Day..
) Use SEQUENCE function to create and spill an array of random variables..
) Use COUNTIFS to calculate and spill frequencies for random variables..
) Create and spill a formula to calculate probabilities..
) Verify two requirements for a Discrete Probability Distribution..
) Make conclusions or business decisions based on Discrete Probability Distribution..
) Build Column Chart for Discrete Probability Distribution.
) Add Random Variable to Horizontal Axis in Chart with Select Data dialog box..
) Calculate Expected Value (Mean) from a Discrete Probability Distribution.
) Step-by-step method: Calculate Variance and Standard Deviation from a Discrete Probability Distribution..
) Single cell method for variance and standard deviation..
) Calculate probability for various events from the Discrete Probability Distribution..
) Add new data and see that formulas update instantly..
) How Formulas can be an advantage over PivotTable..
) 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..
) Mention of Poisson Distribution..
) Summary of video and next video.
) Closing and Video Links.