Introduction
I was asked a question on Quora the other day about Data Analysis. I won't repeat the question here since it was written in an unusual way but here are just a few thoughts on what Data Analysis means to me.
Development
I’ve been analysing data for years and I have used Excel to do so. These days, I have to say, I use RStudio for some of the more advanced analysis that I do.
However, I ran a course last week on Data Analysis using Excel and there is a lot we can achieve in such a setting.
- Creating graphs
- Correlation Matrices
- Descriptive Statistics
- Data Analysis ToolPak
- ANOVA
- Hypothesis testing
- Z Scores and t tests
- Forecasting: there are many forecasting functions in Excel
I used RStudio for MANOVA, having seen someone use Excel to do it: it takes seconds in RStudio but potentially a LONG time in Excel.
Then there are many built in functions in Excel that can help with data analysis.
Here is something that I would do in RStudio if the data I was working on were large and/or complex, stepwise regression: very easy to do in RStudio. Nevertheless, I am in the middle of creating a stepwise regression template in Excel and for that I am using both the ToolPak and the LINEST() function, a well as INTERCEPT(), SLOPE(), RSQ(), IFERROR() and a few more.
Piecewise regression is also quite easy in Excel and I am about to work on a piece for that, too.
Final Note
I am about to embark on a two month project on data analysis and while I won't be able to share much of what I prepare in that project, I am sure you will benefit to some extent.
Duncan Williamson
12 July 2022
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