Statistics in MS Excel

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Most of us know how to use simple statistical tools such as taking a list of numbers, ordering them and finding the mean. Some of us may even be good at building charts or analyzing the structure of data and current trends. All these usually provide a better understanding of the companies situation. However, it is not enough for making proper management decisions or forecasting future financial results.

For example, regression analysis is the estimation of the ratio between two or more variables. The two primary uses for regression in business are forecasting and optimization. Regression helps managers and business owners forecast future conditions, lend quantitative support to managers' judgement, point out flaws in management thinking and provide new insights that can help company decision makers move their businesses toward a more profitable future.

Hypothesis testing helps to analyze the effect of one factor on another, by exploring the relationship's statistical significance. In a business world, a hypothesis test may be used to explain how much an increase in labor affects productivity or whether the current marketing campaign really boosted sales of the company products. It allows managers to examine causes and effects before making a crucial management decision.

So, when properly used, statistical methods make the decision-making process much easier. This training focuses on providing individuals with an understanding of the main statistic methods as well as their step-by-step implementation and interpretation of results.

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