Most useful excel add-ins( analysis toolpak)

Develop complex engineering or statistical analyses by saving time and steps via Analysis ToolPak. It helps you provide appropriate parameters and data for every tool analysis and use engineering or statistical macro functions to display and calculate the results in the form of a table.

Some tools also generate charts along with output tables, and data analysis functions will work only for a single worksheet at a time. So, if you are performing data analysis on a group of worksheets, you will receive the result of the first worksheet, and the remaining will be blank.

Load the Analysis ToolPak add-in program from the add-ins category. It includes several tools to perform the analysis:

  • ANOVA: This analysis tool provides multiple types of analysis. It has a Single Factor Analysis tool and a Two-Factor Analysis tool with replication and without replication.
  • Correlation: The CORREL and PEARSON functions calculate the correlation coefficient between the two variables taken from the ā€˜Nā€™ number of objects.
  • Covariance: It is similar to Correlation. It is used when ā€˜nā€™ number of objects are there.
  • Descriptive Statistics: It generates the report providing information regarding the variability of the data and central tendency.

The other similar tools are Exponential smoothing, F-test two samples for variances, Fourier analysis, histogram, moving average, random number generation, rank and percentile, regression, sampling, t-test, and z-test.