Prefer reading? The same steps are written out below the video.
The first thing to do with a new data set is find its centre. The example lists the number of days shipments took to arrive from overseas (A2:A12), from 23 to 38 days.
The mean is the sum of the values divided by how many there are. In D2:
=AVERAGE(A2:A12)
Sort the values from smallest to largest and the median is the one in the middle: with 11 values, the 6th. In D4:
=MEDIAN(A2:A12)
In the example it’s 28. With an even number of values, Excel averages the two in the middle.
When the mean and median are close, the data is fairly evenly spread. Change one shipment to a terrible 75 days and the mean jumps, but the median stays at 28. The median isn’t pulled around by outliers, which is why it’s often the better summary for skewed data.
In D6:
=MODE.SNGL(A2:A12)
It returns 28, which appears three times. If two values are tied, MODE.SNGL returns the one that appears first in the list.
To see every value that ties for most common, use:
=MODE.MULT(A2:A12)
In Excel 365 the results spill into the cells below automatically, for example 27 and 28 if both appear the same number of times.
My Excel Statistics & Data Analysis: Zero to Analyst course goes much further into what your numbers mean.
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