One of the best ways to find how your data is behaving is to plot a histogram. Creating histogram is amongst the firs step we take to analyze the data as it outlines how the data is distributed, details about the skew-ness and kurtosis (described later in this section).
Excel provides us with a tool called Data Analysis Tool pack that had handful of options for analyzing data. We can create the tool pack to create histograms, though we can also create them from conventional chart and using formula – analysis tool pack provide us ease of use and variety of options for the output.
So first we will take up the example and see how we need to setup the sheet and then will elaborate the use of options in it.
Setting up the sheet:
Creating data: As has been our practice, we will be creating dummy data using formula RANDBETWEEN