9 Statistical Functions in Excel You Need to Know

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There are many statistical functions in Excel that can help you better analyze and interpret your data. In this article, we’ll look at 9 essential statistical functions in Excel that you should know and how they can help you unlock the power of your data.

1. AVERAGE Function

The AVERAGE function is a basic function in Excel used to find the average of a set of numbers. To use the average function, you need to select the range of numbers you want to find the average of and then type in the formula.

The Formula for AVERAGE Function: “=AVERAGE(range)“

Here is how to use the function:

  1. Let’s say we want to find the Average Sales for all the individuals mentioned in Column A. Their sales figure is given in Column B. We will type =AVERAGE(B2:B18).
  2. Press Enter to get the result.

2. AVERAGEIF Function

The AVERAGEIF function calculates the average of a set of numbers based on a specific condition. To use the average if function, you need to select the range of numbers you want to find the average of, the condition and the criteria. Here is how to use the function:

The formula for AVERAGEIF Function: “=AVERAGEIF(range, criteria)“.

Here is how to use it:

  1. For example, if you want to find the average of numbers greater than 50, you would type “>50” in the criteria field. In our case, we will write it as =AVERAGEIF(B2:B18,”>50″).
  2. Press Enter to get the result.

3. MODE Function

The MODE function can be used to calculate the most common or most appeared data from a set of data. It is used to find the most popular item from a data set. To use the mode function, follow the below steps.

The formula for MODE Function: “=MODE(range)“.

You can use the formula in this way:

  1. Let’s say we want to find the mode of sales for the same data. We will type =MODE(A2:A18).
  2. Press Enter to get the result.

4. MIN Function

The MIN function finds the smallest value from a data set. To use the min function, you need to pass in a series of arguments, and it will return the smallest value among them. Here is how it works:

The formula for MIN Function: “=MIN(range)“.

To use the formula:

  1. Let’s say we want to find the minimum sales from our data. We will type =MIN(B2:B18).
  2. Press Enter to get the result.

5. MAX Function

The MAX function finds the most significant value from a data set. Like the MIN function, you can easily find the largest number from a data set by passing in the range of numbers using the MAX function. Here is how to utilize it:

The formula for MAX Function: “=MAX(range)“.

Here are the steps to use it:

  1. Let’s say we want to find the maximum sales from our data. We will type =MAX(B2:B18).
  2. Press Enter to get the result.

6. LARGE Function

The LARGE function returns the k-th largest number from a range of numbers. This is used when you want to find the second or third-highest value from a given data set. To use this function, you must provide the range of numbers and the value k.

The formula for LARGE Function: “=LARGE(range, k)“.

Here is how it works:

  1. Let’s say we want to find the second-highest sales from our data. We will type =LARGE(B2:B18, 2).
  2. Press Enter to get the result.

7. SMALL Function

The SMALL function is used to find the k-th smallest number from a range of numbers. This works in the same way as LARGE, except it will return the k-th smallest number in a given data set.

The formula for SMALL Function: “=SMALL(range,k)“.

To use this function, follow these steps:

  1. Let’s say we want to find the third-smallest sales from our data. We will type =SMALL(B2:B18,3).
  2. Press Enter to get the result.

8. MEDIAN Function

The MEDIAN function calculates the median of a given set of numbers. The median is the middle number in an ordered list of numbers.

The formula for MEDIAN Function: “=MEDIAN(range)“.

Here is how it works:

  1. Let’s say we want to find the median sales from our data. We will type =MEDIAN(B2:B18).
  2. Press Enter to get the result.

9. STDEV Function

The STDEV function calculates the standard deviation of a given set of numbers. Standard deviation is a measure of how spread out the data is.

The formula for STDEV Function: “=STDEV(range)“.

Here is how it works:

  1. Let’s say we want to find the standard deviation of sales from our data. We will type =STDEV(B2:B18).
  2. Press Enter to get the result.

Conclusion

These are the most commonly used statistical functions in Excel. They can help you analyze your data quickly and accurately. You can use these functions in real-life scenarios, such as analyzing survey data, sales trends, etc. So, start exploring these functions and become an Excel expert today! Good Luck!

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