Top Most Data Analysis Tools In Excel You Should Use

Excel offers various in-built tools to analyze big data.

But, these tools are not automatically active. Users need to activate them whenever required.

If you want to activate the data analysis tool in excel, you can do it by selecting the “Options tab” from the file menu option.

After this, choose the analysis pack from the Add-Ins options. Finally, click on the Go option.

You will now find that a window opens on your PC screen where you can select various data analysis tool packs.

You can find the data analysis option on your laptops by default.

For this, you need to unleash the data analysis option. 

Below, we have explained all the steps to unleash the data analysis tool.

Moreover, we have detailed how to use the data analysis tools in excel along with the proper steps.

Data Analysis Tools in Excel

How to unleash a data analysis tool in excel in Windows?

There is always a possibility you are unable to show any data analysis tool in excel.

Below are the steps that users can use to unleash the tool pack. 

1. Go to the file option given on the left-hand side.

2. Now, you will find an “option,” click it to select.

3. Once you select the option, click on the Add-Ins.

4. At the bottom, there is a Manage drop-down list. Here, you will choose Excel Add-ins, then select Go.

5. Now, you will find a new dialogue box open on your screen. All the available Analysis Toolpak will open on your screen. Select all 3 options. Then click on the OK button.

6. The two different options will be available on the screen below the data ribbon.

How to add data analysis tool in Excel Mac?

To unleash the Toolpak in excel for mac, you need to follow the following steps:

1. Select the Tool menu to find the excel Add-Ins option. Once you find it, select it.
2. An Add-Ins box will be available on your screen, choose the Analysis ToolPack option, then click on the OK button.
3. If there is no Analysis ToolPack option within the Add-Ins box, select Browse to find it out.

• If the Analysis ToolPack is not installed on the system, select the Yes to install it on your computer.
• Select Quit and always restart Excel to restart its working.
• Now, you will see that there is a Data Analysis Command access on the Data tab. 

Steps to use data analysis tool in excel

Example 1: Using Solver

The Solver is the data analysis tool that is used for solving problems. It works just as a goal seeks within excel.

In the below example, we have the list of product units, total cost, unit price, and the total profit.

The unit of the sold material is 7550 that has a selling price of 10/unit.

The total profit is 23,000 whereas the total cost is around 52,500.

Being an owner of the business, I like to increase my profit to 30,000 using the unit prices.

This is the case where the Solver will help me to estimate the times value and solve this issue.

To use the Solver, follow the below-mentioned steps sequentially.

1. Open the Solver that is given under the DATA tab.

2. Confirm B7 as the objective cell that has the value of 30,000. With the help of shifting the cell value to B2. Select the SOLVE option from the menus.

3. You find that there is a result window that opens on the screen.

This signifies that the SOLVER has solved your problem.

Therefore, to get a profit of 30,000, you need to increase the selling price by 1/unit.

This means that you need to sell the product at the value of 11/unit rather than 10/unit.

This is how you can use a data analysis tool in excel.

Example 2: T-test Analysis

A t-test is used for testing the probability value.

Check the below-mentioned example to understand the working of the t-test data analysis tool in excel.

1. You can find the Data Analysis option that is given under the Data tab option.

2. A new dialogue box will open when you select the data analysis option. Find out the T-test option. Once you reach the options, you will find the different t-test options and select the Paired two-sample option.

3. When you choose the t-test option, you will find the below-mentioned options.

4. Here, you can select the team 1 score from the variable 1 range and team 2 score option under the variable 2 option.

5. Now, the output cell will select the range where you can display the result.

6. Select the labels option as we have selected the range that includes the heading. Select the OK so that the test gets finished.

7. We will notice that the D1 cell will display the output of the test.

The output will show the teams’ average value, along with the variance values, Pearson Correlations, and much more.

If the value of the P is 0.314, that is much higher than the standard expected value that is 0.05.

It means that details are not significant. Here, you can use the T-test in-built functions.  

Key points to remember

List of tools that are available for data analysis in excel

•  Anova: Two-Factor with Replication
• Correlation
• Descriptive Statistics
• F-Test Two-Sample for Variance
• Histogram
• Random Number Generation
• Regression
• t-Test: Paired Two Sample for Means
• ANOVA: Single Factor
• ANOVA: Two-Factor Without Replication
• Covariance
• Exponential Smoothing
• Fourier Analysis
• Moving Average
• Rank and Percentile
• Sampling
• t-Test: Two-Sample Assuming Unequal Variances
• t-Test: Two-Sample Assuming Equal Variances
• Z-Test: Two-Samples for Mean

Bottom line!

Several organizations use data analysis tool in excel.

Excel plays an important role in managing the operational dashboards and keeping the tracks of each organization.

Excel helps the organization for cataloging the data sets, creating data models, importing the data, and much more.

We have explained the two different data analysis tools that you can use in excel.

Hope you understand the topic.

If you still have any queries regarding data analysis tools in excel, comment in the below section. We will help you in the best possible way.

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