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Descriptive statistics refers to the statistics that describe the data and its types. It provides an insight into the data's variability and the data's central tendency.
While the central tendency is the measure of knowing the average central position of the data, it is calculated using mean, mode, and median; the variability of data is measured as how much the data's spread is calculated using standard deviation, variance, skewness, etc.
Here are 5 steps to perform descriptive analysis in Excel.
1. Go to the file tab. Select the option as options.
2. Under the files window, select the option as add-ins, and, in the Manage drop-down, select the Excel Add-ins option and click GO.
3. Under the Excel add-ins option, select the checkbox for Analysis toolpak. Return to the sheet; you will observe an analysis section with a data analysis option in the data tab.
4. Select the data you want to analyze and go to the Data tab> Data analysis.
5. Under the data analysis window, select the option Descriptive Statistics, and select the output range and the summary statistics option.
Now you have for the selected data, mean, standard deviation, median, mode, variance, kurtosis, Skewness, range, Min and max.
While performing data analysis in Excel, it is essential to understand the data and its distribution. Therefore, it is necessary to perform descriptive statistical analysis to get a gist of the distribution. It is a primary process performed in data analysis in order to remove or edit the errors that might affect the analysis.
In case you do not want to perform the data analysis using the Excel add-in, you can use Excel formulas to find the mean, mode, median, standard deviation, skewness, variance, etc. It is essential to perform the descriptive analysis before you perform any analysis, be it ratio, trend, regression, or even if making charts such as histograms, scatter plots, or line charts.
To test the accuracy of results, try performing analysis in two ways, one without descriptive statistics and the other systematically using the descriptive statistics in Excel. Do let us know the difference you observe in the comments section.
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