excel 2016

What is a scatter plot: How to read it and method to create it in excel

What is a scatter plot?

Scatter plots also known as scatter charts and scatter diagrams used to show relationships between two variables and the relationship between two variables is called their correlation. It’s a 2-D plot and it plots data points on a horizontal and a vertical axis to show how much one variable is affected by another. In the scatter plot, all data points are represented by dots in the plot.

If the points are close to making a straight line in the plot then it is considered as highly correlated variables. While if they are equally distributed all over the plot then their correlation is weak or zero.

When to use scatter diagram

When we have a … Continue Reading

What are measures of central tendency: How to calculate it in Excel?

What are measures of central tendency?

measure of central tendency is a single value that attempts to describe a set of data by identifying the central position within that set of data. These measures indicate where most values in a distribution fall and are also referred to as the central location of a distribution.

The three most commonly used measures of central tendency are mean, median, and mode. Each of these methods calculates the location of the central point by using a different method. Choosing the best measure of central tendency depends on the data we have.

Let us understand how to measure/calculate these central tendencies and how to determine which one is best for our data.

Mean/Average: Mean … Continue Reading