Excel statistical software is extremely useful for analyzing and exploring data sets for real-world uses and tests of assumptions and theories. This article summarizes some of these uses and how to choose the right package. You can also navigate to this website to get the best excel consultancy services online.
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One interesting application of Excel statistical software is in predicting the success of stock market orders. Optimization of limit and stop orders is a critical need.
For example, where should we place our stop to ensure the lowest losses without getting stopped out by typical market noise? If it is not filled, what is the possible gain I might lose? This is a rich area of the potential application of statistics.
Calculating and applying correlation matrices is another function where Excel statistical software really shines. A specialized statistics add-in can calculate correlation grids much faster and more efficiently than the native Excel function.
Short term predictions are another rich area of statistical application. You might be predicting virus growth rates in human populations, the probability of an auto accident within the next hour, or the likelihood that bond prices will be plus or minus 2% in the next week.
Other applications include efficient portfolio analysis, the frequency of cash versus credit card transactions, birth rates among teenagers, home price effects of consumer price index movements. These are rich areas of analysis where Excel tools can be utilized to get good results in a short time. For these applications, it is reasonable to consider Excel statistical software.