Transcript Example3_5

Example 3.5
Obtaining Summary Measures
with Add-Ins
SALARY.XLS

Lists starting salaries for 190 graduates from an
undergraduate school of business.

The data is in the range named Salary on a sheet
called Data.
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We need to find a set of useful summary measures
for the salaries.
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Summary Statistics
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To find the summary statistics of a set of data we can
use the Stat-Pro Add-In or Excel’s Analysis ToolPak.
In this example we use the Stat-Pro Add-In .

Begin by placing the cursor anywhere within the data
range. Then select StatPro/Summary Stats/OneVariable Summary Stats menu item.

Select all variables you want to summarize, and
select the summary measures you want to find from
the Available Summary Measures dialog box shown
on the next slide.
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Available Summary Measures
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About the Measures
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Four measures are selected by default. These are
mean, median, Standard Deviation and Count. You
can override these.
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A typical output appears here.
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It includes many of the
measures we have discussed
plus a few more.
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About the Measures -- continued

The mean absolute deviation is similar to the
variance except that it is an average of the absolute
(note squared) deviations from the mean.
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The kurtosis and skewness indicate the relative
peakedness of the distribution and its skewness.
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By clicking on any of the cells containing the
measures (Column B), you’ll see that StatPro
provides the formulas for the outputs. (Analysis
ToolPak does not do so.)
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About the Measures -- continued

The effect of this is that if any of the data changes the
summary measures we produced change
automatically.

All output is formatted as “numerical” to three decimal
places by default. You can reformat them in a more
appropriate manner if you would like.
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