Excel is a Spreadsheet Software by Microsoft that helps to turn raw data(numbers, text, date)into meaningful information/insights. It is used to organize data, do calculations, visualizations and create dashboards. Therefore What is Data Analysis? Data Analysis is the application of tools and techniques to organize, study, reach conclusions, and sometimes make predictions about a specific collection of information. Excel is one of the most powerful tools that is used to do Data Analysis. The point of data analysis is to understand information on some deeper, more meaningful level. By definition, raw data is a mere collection of facts that by themselves tell you little or nothing of any importance. To gain some understanding of the data, you must manipulate the data in some meaningful way. The purpose of manipulating data can be something as simple as finding the sum or average of a column of numbers or as complex as employing a full-scale regression analysis to determine the underlying trend of a range of values. Both are examples of data analysis, and Excel offers a number of tools — from the straightforward to the sophisticated — to meet even the most demanding needs.The data part of data analysis is a collection of numbers, dates, and text that represents the raw information you have to work with. In Excel, this data resides inside a worksheet, which makes the data available for you to apply Excel’s satisfyingly large array of data-analysis tools.
Various Features/Tools Used In Excel For Data Analysis
Data Cleaning-It helps to remove duplicates, handle blanks, fixing errors and ensuring correct data types. This is essential as it harmonizes data that will be used for analysis thus come up with correct insights.
Data Sorting and Filter-Sorting is arranging data in a certain order e.g Sort A to Z incase of text, Smallest to largest incase of Numbers, Newest to Oldest incase of Date. Filtering allows to display rows that meet a certain criteria thus it is needed for specific records.
Functions-Built in formula in Excel that is used to calculate results.e.g Number functions SUM(),AVERAGE(),COUNT(),MIN(),MAX()
Text functions used to manipulate string data e.g TRIM(),UPPER(),
LEN(),MID(),CONCATENATE(),LEFT(),RIGHT().
Date functions-Include Today(),Now(),dateif(),Data Validation-It is vital as it restricts what users can enter in a cell thus ensuring consistency in data.
Use Cases of Excel in Real World Scenarios
A Sales Manager uses excel to Study the Sales history of a Product, determine the Overall trend, and produce a forecast of future sales.
A Scientist uses excel to Study experimental findings and determine the statistical significance of the results.
A family might use excel to find the maximum mortgage it can afford or how much put aside each month to finance retirement or the Kids education.
Marketers use excel to store and organize Customer Information,Market Segmentation,Campaign tracking and Analysis,Sales Revenue and Analysis,Competitor Analysis.
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