Benford’s Law
Benford’s law states that the probability of the first digit of the amount column from a huge database of normal transactions should follow the distribution as shown in the table.
| First Digit | Probability (percent) |
| 1 | 30.10 |
| 2 | 17.61 |
| 3 | 12.49 |
| 4 | 9.69 |
| 5 | 7.92 |
| 6 | 6.69 |
| 7 | 5.80 |
| 8 | 5.12 |
| 9 | 4.58 |
By examining our data against this distribution, we can make conclusions about the normalness of data.
We can Use LEFT(), COUNTIF() functions.
Univariate Statistics
Univariate Statistics mean the statistics relating to a single variable. Through this, we can find out the mean, median, mode, standard deviation, skewness, kurtosis, and various other statistical data relating to the variable. ...
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