Chapter 12

Building inferential statistical formulas

In this chapter, you will:

  • Learn about inferential statistics and how they apply to business

  • Build formulas to show the relationship between two sets of data

  • Extract sample data from a larger population

  • Use probabilities to make decisions under uncertainty

  • Infer characteristics of a population using confidence intervals and hypothesis testing

In Chapter 11, “Building descriptive statistical formulas,” you learned how to measure useful statistical values such as the count, mean, maximum, minimum, rank, and standard deviation. These so-called descriptive statistics tell you a great deal about your data, but business analysis and decision-making require more than just descriptions. As an ...

Get Microsoft Excel 2019 Formulas and Functions, First Edition now with the O’Reilly learning platform.

O’Reilly members experience live online training, plus books, videos, and digital content from nearly 200 publishers.