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How to Compute the Measures of Dispersion using Microsoft Excel

Calculating Range in Excel Excel does not offer a function to compute range. However, we can easily compute it by subtracting the minimum value from the maximum value. The formula would be =MAX()-MIN() where the dataset would be the referenced in both the parentheses....

What-If Analysis Tools in Excel

What-If is a function built in to Microsoft Excel to compute answers to "what if" questions, exactly as the name suggests! A business would be faced many such "what if" questions - "What if we need to earn a profit of Rs. 10000, given that the profit per unit is Rs....

Building Nonlinear Regression Models

We have talked about regression models in the context of linear regression models in the previous post. A nonlinear regression model is one that describes a nonlinear relationship between the dependent and the independent variables. Naturally, the equation of the...

Spearman’s Rank Correlation between Rice and Rainfall

Spearman's Coefficient of Rank Correlation (denoted by rho) is named after the British psychologist, Charles Edward Spearman. Rank correlation is a non-parametric variant of Karl Pearson's Coefficient of Correlation. This means, while Pearson's r requires an...

Using Central Tendency Measures to Describe Data

The term central tendency refers to some values that tend to describe the centre of the complete data set. There are different measures of central tendency. Each of them give us one single number that attempts to summarise the entire data set within itself. Why do we...

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Creating Models with Data