What is Excel in data analysis?

The word ‘Excel’ in data analysis points to the usage of Microsoft Excel in analysing sets of data to bring out useful insights from the same. While the usage of Microsoft Excel is common in analytics and brings in a lot of flexibility in analysis; it is not a scalable tool as Excel cannot be used to manipulate or work with large volume of unstructured data. However, for small-scale analysis on tabular data only, Excel can be used as a decent tool for data analysis.

First of all we need to understand what is data analysis. A data analysis is to perform a prediction, forecasting, pattern analysis, classification or clustering on your dataset. That is we want to answer known and unknown questions from data.

Now excel provides some excellent too to do that like

  1. Regression Analysis
  2. Time series analysis
  3. Forecasting
  4. Visualization.

You can also apply basic statistics on your data so see the standard deviation, variance, max, min, median of data. You can also do all these things in R programming which is simple but much advance tool than excel. Excel also allow you to apply multiple mathematical and statistical functions on your data