Microsoft Office Tutorials and References
In Depth Information
Exhibit 3.7 Excel options in the ofﬁce button
for selecting the Analysis ToolPak can be found. Once enabled, a user has access to
the Analysis Tool Pak .
We will apply these tools on two types of data: time series and cross-sectional .
The ﬁrst data set, time series, is data that was introduced in Chap. 2, although the
data set has been expanded to provide a more complex example. Table 3.1 presents
sales data for ﬁve products (A–E) over 24 quarters (six years) in thousands of dol-
lars. In Exhibit 3.9 we use some of the graphing skills we learned in Chap. 2 to
display the data graphically. Of course, this type of visual analysis is a preliminary
step that can guide our efforts for understanding the behavior of the data, and sug-
gest further analysis. A trained analyst can ﬁnd many interesting leads to the data’s
behavior by creating a graph of the data; thus, it is always a good idea to begin the
data analysis process by graphing the data.
3.4.1 Time Series Data—Visual Analysis
Time series data is data that is chronologically ordered, and it is one of the most
frequently encountered types of data in business. Cross-sectional data is data that
is taken at a single point in time or under circumstances where time, as a dimen-
sion, is irrelevant. Given the fundamental differences in these two types of data, our
approach for analyzing each will be different. Now, let us consider a preliminary
approach for time series data analysis.