Excel has become the de facto standard application for data analysis and presentation across a variety of industries, so if you deal with random data of any kind, chances are your data is stored in Excel workbooks. However, analyzing probability data in Excel can be tricky as the standard Excel package includes no facilities for fitting probability distributions to data. That is when EasyFitXL, the distribution fitting add-in for Excel, comes in handy… read the full article
A new article about generating random numbers in Excel is now available in the Tutorials section. The article describes how the standard Excel worksheet functions and the inverse transform method can used to generate random numbers from various distributions, discusses the drawbacks of this approach, and explains how the EasyFitXL add-in can be used to overcome the limitations of Excel.