STOP Using AVERAGE: Use Better Excel Functions For Reporting...
STOP Using AVERAGE: Why MEDIAN is BETTER Than AVERAGE For Reporting with Microsoft Excel.
Average is NOT the best measure of central tendency. Average will often give you the wrong picture of your data. I'll demonstrate this to you in this Step by Step video tutorial.
Why you must stop using averages, when millions of people report them daily in their management reports? Because it is often skewed by extreme values.
A Median, the Middle Number, is a much better measure of central tendency. It gives you a much more accurate picture of your data.
Hi, I'm Vinai Prakash, Founder of ExcelChamp.Net, where we provide tips, tricks, tutorials on using Microsoft Excel to maximize your productivity, gain more insights from your data, and become a Champ in Using Excel.
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Statistically, there are 3 things to report to measure Central Tendency: Mean, Median, Mode.
The Mean or Average often picks the wrong value due to extreme outliers... the values that are very high or very low, and lie at the extreme ends of the data.
A Median picks the middle number, and it is not affected by Extreme values. It is a much more robust measure of Central Tendency.
Using Microsoft Excel, you can calculate the Mean, Median, Mode, and much more. Any version of Excel - Excel 2003, Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, and Microsoft Office 365 can be used for calculating Median, Mean and Mode.
Download the sample Excel Exercise file to try out the example covered in the video. And then try the challenge exercise. Write your answers in the comments below.
Now it is your chance. Download the sample exercise file. Try out the challenge exercise. And let me know the answers you got.
Let's see if you have become a Champ at calculating the Median, Mode and Average of any data series. Post your answers in the comments.
In an upcoming video, I'll demonstrate how you can calculate all these - mean, median, mode, and much more, automatically, without writing a formula. If you haven't, subscribe now to our channel, and Like this video.
Also, in the comments below, let me know what other techniques you use to analyze your data.
And what new video do you want me to make? I need your suggestions so that I make what you need and help you become an ExcelChamp too.
All the best!
Vinai Prakash,
https://www.ExcelChamp.Net
https://www.Trainingint.com
https://www.intellisoft.com.sg