excel chapter 8 terms

Analysis ToolPak

An add-in program that contains tools for performing complex statistical analysis, such as ANOVA, correlation, and histogram.

ANOVA

Stands for Analysis of Variance and is a statistical tool that compares the means between two data samples to determine if they were derived from the same population.

Bins

Data ranges in which values can be categorized and counted.

CORREL function

A statistical function that determines the strength of a relationship between two variables.

Forecast Sheet

A business intelligence feature that creates a forecast worksheet to detail trends based on historical data.

FORECAST.LINEAR function

A statistical function that calculates, or predicts, a future value along a linear trend by using existing values.

FREQUENCY function

A statistical function that determines the number of occurrences of numeric values in a dataset based on predetermined bins.

Histogram

A chart that is similar to a column chart. The category axis shows bin ranges (intervals) where data are aggregated into bins, and the vertical axis shows frequencies.

INTERCEPT function

A statistical function that calculates the point at which a line will intersect the y-axis by using a best-fit regression line plotted through the known x-values and y-values.

LARGE function

A statistical function that returns the kth largest value in a data set.

Population

A dataset that contains all the information you want to evaluate.

Quartile

A value used to divide a range of numbers into four equal groups.

RSQ function

Short for R-square, the RSQ function is a statistical function that returns the square of the Pearson product moment correlation coefficient through the given data points.

Sample

A smaller portion of the population that is easier to evaluate.

SLOPE function

A statistical function that returns the slope of the linear regression line through the given data points.

SMALL function

A statistical function that returns the kth smallest value in a dataset.

Standard deviation

A statistic that measures how far the data sample is spread around the mean.

Standard Error

The level of accuracy of the forecast.

STEYX function

A statistical function that returns the standard error of the predicted y-value for each x in a regression.

Trendline

a visualization that shows patterns in your data.

Variance

A measure of a dataset's dispersion, such as the difference between the highest and lowest points in the data.