Obtaining Summary Measures with Add-Ins

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Presentation transcript:

Obtaining Summary Measures with Add-Ins Example 3.5 Obtaining Summary Measures with Add-Ins

SALARY.XLS Lists starting salaries for 190 graduates from an undergraduate school of business. The data is in the range named Salary on a sheet called Data. We need to find a set of useful summary measures for the salaries.

Summary Statistics To find the summary statistics of a set of data we can use the Stat-Pro Add-In or Excel’s Analysis ToolPak. In this example we use the Stat-Pro Add-In . Begin by placing the cursor anywhere within the data range. Then select StatPro/Summary Stats/One- Variable Summary Stats menu item. Select all variables you want to summarize, and select the summary measures you want to find from the Available Summary Measures dialog box shown on the next slide.

Available Summary Measures

About the Measures Four measures are selected by default. These are mean, median, Standard Deviation and Count. You can override these. A typical output appears here. It includes many of the measures we have discussed plus a few more.

About the Measures -- continued The mean absolute deviation is similar to the variance except that it is an average of the absolute (note squared) deviations from the mean. The kurtosis and skewness indicate the relative peakedness of the distribution and its skewness. By clicking on any of the cells containing the measures (Column B), you’ll see that StatPro provides the formulas for the outputs. (Analysis ToolPak does not do so.)

About the Measures -- continued The effect of this is that if any of the data changes the summary measures we produced change automatically. All output is formatted as “numerical” to three decimal places by default. You can reformat them in a more appropriate manner if you would like.