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Excel statistics software may have many useful applications in an essential and affordable offering. Since Excel is prevalent in almost every industry, there are a wide range of tools and examples for virtually any user.

Mean and standard deviation:  These two measures are involved in every population from sand samples to bonds.  The mean, or expected value, may be calculated in Excel statistics software for either a complete population or portions of that population.  Typically this is calculated arithmetically, but can also be calculated with a geometric mean involving multi-period expansion estimates including historical stock price returns. Standard deviation is the expected distance from the mean for all the data points in the population or sample, and represents the variability in the data from the central expected point. 

Random number Generators:  These are very useful functions in Excel statistics software given that they generate a series of numbers used to test hypotheses.  Random number generators might be random, semi-random, or expected value output (e.g. the numbers expand into a particular known pattern).  Once the statistical set is created with the software, the economist will then check the outcomes of a predictive formula or system against his or her hypothesis.  By using Excel this technique can be done quickly and repeated minus the constraints of a big, ungainly statistical platform or programmers.

Card Players Stats:  One of the more popular ways to use Excel statistics software is calculating probabilities and wager sizes for playing card hands.  This operates by inputting a data set representing the cards potentially available in a deck and running a sequence of conditional probability calculations representing the cards dealt by the dealer.  The quantity of players, decks, etc. factors might be varied.  The estimated probabilities for each hand are calculated along with the probabilities of each and every subsequent card or hand.  This can work for straight poker, Texas holdem, or any other card game. A similar process could also work for War, or other game.

For just about any of these calculations all you need to do is import or enter data in Excel and run the relevant functions in your statistical Excel add-in menu.  That’s the best thing about Excel statistics software.