Statistics Practical: Mean and Variance (Statistics, BBA 3rd Semester)

Learning Objectives

• To calculate mean, variance, and standard deviation in excel [with video tutorial]

How to calculate mean, variance, and standard deviation in Excel?

Range	frequency
0-10	1
10-20	7
20-30	14
30-40	7
40-50	1
Total	30

Source: A hypothetical data

Step 1: Calculating the mid value

Range	f	Mid value (m)
0-10	[D12] 1	[E12] 5
10-20	7	15
20-30	14	25
30-40	7	35
40-50	[D16] 1	[E16] 45
Total	30

Calculating the mid value is an easy task. Justing taking an average of the range.

[D12] [D16] [E12] [E16] are the cell numbers of excel.

Step 2: Calculating mean, variance, and standard deviation

Mean	25	=(SUMPRODUCT(E12:E16,D12:D16))/D17
Variance	73.333	=(SUMPRODUCT(D12:D16,E12:E16,E12:E16)/D17)-Mean^2
Standard Deviation	8.5635	=SQRT(Variance)

Source: Excel 2013

Within these two steps, we can get mean, variance, and standard deviation.

For more clarification, watch our video tutorial