I've recently touched the subject of statistical analysis of data using Excel functions. In this post I dive deeper into Excel statistical tools. It's about outliers in data sets, about numbers that distort the state of reality and can lead to unsound findings and conclusions regarding specific areas of knowledge.
There are no strict statistical rules for indisputable ways of identifying outliers; we are dealing with probabilities. Nonetheless, there are guidelines and tests we can utilize to find outlying values, and they can significantly improve our intuition, formally.
Because of the importance of detecting outliers I've prepared Excel workbook providing practical tools (tests) for identifying such deviating/departing values within any set of numerical data. The workbook includes basic guidelines for using some specific statistical tests; I'm showing here its fragment:
