There is doubt surrounding the accuracy of most statistical data—even when following procedures and using efficient equipment to test. Excel lets you calculate uncertainty based on your sample’s standard deviation.
There are statistical formulas in Excel we can use to calculate uncertainty. And in this article, we will calculate the arithmetic mean, standard deviation and the standard error. We will also look at how we can plot this uncertainty on a chart in Excel.
We will use the following sample data with these formulas.
This data shows five people that have taken a measurement or reading of some kind. With five different readings, we have uncertainty over what the real value is.
Arithmetic Mean of Values
When you have uncertainty over a range of different values, taking the average (arithmetic mean) can serve as a reasonable estimate.
This is easy to do in Excel with the AVERAGE function.
We can use the following formula on the sample data above.
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The Article Was Written/Published By: Alan Murray