TREND(), LINEST(), FILTER(), CHOOSECOLS(), OFFSET()

Introduction

Over the last two weeks, I have uploaded two videos to my YouTube Channel that I am sure you are keen to watch.

The videos discuss the relatively well known LINEST() function in Excel and then the less well used TREND() function: you can see in the videos that while they give the same answers, TREND() has a significant advantage over LINEST(): watch and find out why!

That's the subject of the first video!

The second video starts where video 1 left off and the following is a summary of the second video

Summary Video 2

In this video, Duncan Williamson delves into a deeper exploration of using the LINEST and Trend functions in Excel, building on his previous video. He emphasizes that while the Trend function simplifies trend analysis, it lacks detailed statistical output, which is where the LINEST function becomes crucial as a backup for deeper analysis. The goal of this video is to examine a data set by applying dynamic techniques that allow for easier manipulation and customization of the data analysis process.

Williamson sets up a data validation system where users can select years dynamically, showcasing how the data can be filtered based on specific criteria like years, countries, or industries. By using newer functions such as `FILTER` and `CHOOSECOLS`, he demonstrates how to pull specific columns from the input data and apply dynamic filtering. He explains that this approach helps avoid slicing and dicing the data manually, instead automating the process by specifying the columns to be included.

A major part of the video involves explaining the use of the `FILTER` function in conjunction with dynamic array formulas, allowing for a more flexible analysis of the data over different time periods. By selecting specific years, Williamson demonstrates how Excel dynamically updates the analysis and visualizations. He also uses the `LINST` function alongside `IFERROR` to manage multiple regression calculations across different years.

Williamson further explores dynamic charting techniques, creating charts that automatically update when the data input changes. He explains how to create dynamic ranges using the `OFFSET` function and apply them to chart axes, ensuring that charts reflect the most up-to-date filtered data. He highlights how this method reduces manual adjustments and makes the analysis process more efficient.

Finally, he encourages viewers to extend this approach beyond year-based filtering to include additional parameters such as country and industry. By combining multiple `INCLUDE` functions, users can refine their analysis further, offering a versatile way to handle large data sets dynamically. The video concludes with an invitation to continue exploring these Excel functions in future sessions.

Comprehension Questions

If you would like some guidance on the contents of this video, here are 10 comprehension questions that will help you:

1. What is the main purpose of this second video in Duncan Williamson’s series on the LINEST and Trend functions?
2. How does the TREND function simplify data analysis, and what is one limitation of using it?
3. Why is the LINEST function used as a backup to the TREND function in the video?
4. What role does the FILTER function play in the data analysis demonstrated in this video?
5. How does the CHOOSECOLS function contribute to the selection of specific columns from the input table?
6. What happens when the year is changed in the data validation cell, and how does this affect the analysis?
7. How are dynamic ranges created in Excel, and which function does Duncan use to set up these ranges for charting purposes?
8. What is the significance of using the OFFSET function in conjunction with dynamic charts?
9. How does Duncan suggest extending the analysis beyond filtering by year, and what additional filters could be applied?
10. In what way does the use of the IFERROR function help manage the LINEST calculations in the demonstration?

The video is here LINEST TREND Video 2 (youtube.com)

There is a link in the video to the Excel file that I used as well as to video 1 in the series

By the way, I asked DALL-E this question: I hope the following will inspire you to create a picture that I could use to promote my video: ... I then shared with it the five paragraph summary that chatGPT4-o had prepared for me and it give me two images, including this one:

Duncan Williamson 

16th September 2024

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