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147sevenStatistical Analysiswith in 2/22/07 11:37 AM Page chapter illustrates the tools available in Excel for performing statistical analysis. These toolsinclude some new functions, the data Analysis Toolpack, and some new chart features. Thischapter is not intended to teach the statistical concepts which can be used in Excel s analysis, butrather demonstrate to the reader that several tools are available in Excel to perform these statis-tical functions. Statistical analysis is used often in DSS applications for analyzing input and dis-playing conclusive output. These tools will be used especially in applications involvingsimulation.

Figure 7.3 Using the MEDIAN function and verifying the result by sorting the data and finding the middle value. Another important value, standard deviation, is the square root of the variance, which measures the difference between the mean of the data set and the individual values. Finding the

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