There are many probability distributions developed by statisticians to model random data of different kinds, ranging from business data, finance data (stock prices) to engineering data (system failures) and environmental data (max. flood flows). While the standard Excel package includes some basic statistical functions, its support for probability distributions is very limited and almost useless for real world modelling applications. This article discusses the worksheet functions provided by EasyFitXL, the distribution fitting add-in for Excel that can be applied to perform a range of decision-making calculations using a variety of probability distributions… read the full article
In EasyFit 3.0 – back in 2006 – we introduced StatAssist, the built-in distribution viewer tool that closely integrates with the distribution fitting features of EasyFit. Since then, StatAssist has proven to be quite a useful feature, so we decided to include it into EasyFitXL, our distribution fitting add-in for Excel.
StatAssist displays graphs and other useful properties of all the probability distributions available in EasyFit. Even though it has initially been designed as an essential part of EasyFit, StatAssist can be used as a separate application – for example, to take a quick look at a distribution curve, or to calculate the distribution statistics… read the full article
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.