From the course: Learning Excel: Data Analysis
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Interpret the results of your analysis - Microsoft Excel Tutorial
From the course: Learning Excel: Data Analysis
Interpret the results of your analysis
- Businesses run on data, which is both good news and bad news. The good news is that it has never been easier to collect data about your customers, products and sales. The bad news is that you still have to decide what all that data means. As an example, suppose you ran a web advertising campaign with a goal of bringing in at least 70 new qualified customers per week. You ran the ads on 25 different sites for four weeks, so you have a sample size of 100. On average, each ad brought in 73 new customers with a standard deviation of 15.1. The central question is though whether the ads met your goal of bringing in 70 new customers with each campaign. Your sample size is 100, and your mean is 73, but the standard deviation is pretty large, over 15. So you have to ask yourself one question, did I just get lucky? I've used the numbers I collected to calculate my standard error and what's called a Z-score. The Z-score lets me calculate how likely it is my results were due to chance, and in…
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