Learn how to calculate correlation coefficients and perform simple linear regression in Excel using Example 4.1 data. Follow step-by-step instructions with screenshots to summarize bivariate data effectively.
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Correlation coefficient Enter the data from Example 4.1 into two columns then click on an empty cell in the spreadsheet. Click the Formulas tab at the top of the screen. Choose Statistical from the menu that appears then CORREL from the next menu.
In the Function Arguments window the cursor is in the space to the right of Array1. Click on the cell containing the first Price value and scroll down to the cell containing the last Price value.
In the Function Arguments window move the cursor to the space to the right of Array2 Click on the cell containing the first Number sold value and scroll down to the cell containing the last Number sold value. Click OK.
Simple linear regression Enter the data from Example 4.1 into two columns then click on an empty cell in the spreadsheet. Click the Formulas tab at the top of the screen. Choose Statistical from the menu that appears then INTERCEPT from the next menu.
In the Function Arguments window the cursor is in the space to the right of Known_ys. Click the cell containing the first Number sold value and scroll down to the cell containing the last Number sold value. Similarly enter the cell locations of the Price values in the space to the right of Known_xs. Click OK.
Click on the cell below the one where the intercept appears. Click the Formulas tab at the top of the screen. Choose Statistical from the menu that appears then SLOPE from the next menu.
In the Function Arguments window the cursor is in the space to the right of Known_ys. Click the cell containing the first Number sold value and scroll down to the cell containing the last Number sold value. Similarly enter the cell locations of the Price values in the space to the right of Known_xs. Click OK.
Time series decomposition Enter the time periods and Revenue from Example 4.12 into two columns of the spreadsheet. Click and drag the cursor over the data. Click the Insert tab at the top of the screen then Recommended Charts. Click the All Charts tab at the top and select Line from the list of charts. Click OK.
Click the + symbol by the top right of the chart that appears. In the CHART ELEMENTS list tick Trendline then click the arrow to the right and choose Linear from the list of line options that appears. The trendline is superimposed on the line chart.
