Statistics: Probability

Determine the Likelihood of an Event Similar to my Distribution articles, Probability is another concept which focuses on how likely an event will occur. Single Event Probability The following formula returns the likelihood of an event using how many events qualify for the desired outcome (criteria), divided by the total number of possibilities. To illustrate…

Statistics: Communication Options

Choosing the Correct Method to Intuitively Communicate Data Patterns. Many options exist to intuitively communicate patterns in data for enable strategic decision-making. The following table recommends charts depending on your goals. Chart Purpose Example Bar, Pie Charts Simplest method for summarizing data. Note: Use a pie chart or horizontal bar chart (bars display sideways) when…

Excel: Chart – XY Scatter Plot

XY Scatter Plot: Comparing Data Correlations Unlike other charts where data points form a contiguous shape whether in bars (bar chart) or slices (pie chart), scatter plot charts display distributions with individual data points, reflecting correlations between values. The name of this type of type begins with “XY” because the data points reflect positions on…