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FSBstats: A First Look

FSBstats: A First Look

FSBstats: A First Look

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Check your Excel “Add-Ins” to see that <strong>FSBstats</strong> has been included. To do this:1. Click the “File” tab on the ribbon.2. Choose “Options” from the navigation area at left. The “Excel Options” dialogopens.3. Choose “Add-Ins” from the navigation area in the “Excel Options” dialog. Thepane that displays looks something like the one below (depending on how yourcopy of Excel is configured). What you’re looking for on this pane is the“Manage:” item at the bottom of the dialog. Click the drop-down to the right of“Manage:” and choose “Excel Add-ins”.4. Then click the “Go” button.Excel displays its “Add-Ins” dialog (see the next page).3


The Add-Ins dialog should have a Regression Analysis entry and if yourinstallation of <strong>FSBstats</strong> was successful that entry will have a check markto the left of it. Click “OK”.See the Appendix for more information on installing and un-installing the <strong>FSBstats</strong>software.TroubleshootingIf you do NOT see a Regression Analysis entry in your “Add-Ins” dialog, click the“Browse…” button and navigate to the <strong>FSBstats</strong>.xlam file on your computer.Select that file and click the “OK”button.You should then see the “Add-Ins” dialog with the Regression Analysis entry. Clickthat entry’s check box if necessary to turn it on; then, click “OK”.4


The Name Your Data Command Group on the RibbonThe data you plan to analyze with <strong>FSBstats</strong> must be stored in named ranges. The rangenames are used in FSBstat’s dialogs and as the variable names in the output.Organize Your DataIf you have the luxury of organizing the data to analyzeit’s best to organize your data on the worksheet in the formof a table in which the names you want to use for yourvariables are the table’s row or column labels. You canthen use the “Create from Selection” button in the “NameYour Data” group to quickly name each of your variableranges.The data set used in the examples shown in this document is the fictitious “Mrs.Smythe’s Gourmet Frozen Fruit Pie Regional Market Demand Data, 2003-1 to 2004-4”.Note: Names in Alphabetical OrderIn your <strong>FSBstats</strong> output the variables will be listed in alphabetical order. If you’rechoosing your own range names for your data you may want to take this into account.For example, if your labels are month names (January, February, March, …) you mightwant to assign range names that will display the month data in month order (01January,02February, 03March, …).Data with Labels and a Column-Wise OrientationData organized in columns might look like the sample below. Each column of values hasa label above it: “Unit Sales”, “Price”, “Ads”, etc.The “Create from Selection” button generates names from selected cells. All the columnsof data in the sample shown above can be assigned names in a single operation. Eachcolumn of data takes the name of the label above it. The label cell is not included in thenamed range.6


Data with Labels and a Row-Wise OrientationYou might find that your data is arranged in a row-wise orientation instead of a columnwiseorientation. For example, the same data shown above but organized in rowsinstead of columns looks like the sample below. Here, each row of values has a label toits left: “Unit Sales”, “Price”, “Ads”, etc.To range name this data:1) Select all the rows of data and the labelsto their left (click any cell with a datavalue or label, depress the CONTROLand SHIFT keys and tap the 8* keys).2) Click the “Create from Selection” buttonin the “Name Your Data” group.3) If “Left column” isn’t already specifiedas the source for range names, select it.4) Click the OK button to create the names.Again, Excel makes the correct assumption; here, that you’d like to use the labels in theleft-most column of the selection to name the rows of data. Then:5) Click any cell to remove the selection.6) Check to make sure Excel has properly named your data by entering a rangename in the Name Box of the Formula Bar and making sure it refers to the rightdata.For example, enter the range name “Ads” in the Formula Bar Name Box. Excelhighlights the data range assigned the name “Ads”. Here, that range is data in a row.Again note that the text label in Cell C8 is not part of the named range.7


The Data Analysis Command Group on the RibbonWith your data ranges named, you can begin working with the data analysis features ofthe <strong>FSBstats</strong> software.The Data Analysis ButtonFind the “Analyze Your Data” group on the <strong>FSBstats</strong> tab. Click the “Data Analysis”button to open the “Select Variables for Data Analysis” dialog. This dialog displays allthe range names in your worksheet along with the number of values in each range. Inthe illustration below each variable has 48 values. This is important information sincemany analyses depend for completeness on having the same number of values in eachvariable. Below, the Select All Variables button has been selected. The check boxes to theleft of all the range names in the list of named data ranges are automatically selected.<strong>FSBstats</strong> provides a default“Analysis Name” (in theillustration at left, “DataAnalysis 1”). You canreplace this name with yourown analysis name if youlike. The name you provideor the default name will bethe name of the newworksheet with the dataanalysis output.Still on the “Select Variables for Data Analysis” dialog click the Run Analysis button toadd a new worksheet in your Excel workbook that displays Descriptive Statistics andCorrelation Data. The new worksheet uses the “Analysis Name” from the “SelectVariables for Data Analysis” dialog. Here, the default worksheet name is “DataAnalysis 1”.8


Notice that this worksheet displays in a report-type format. Excel worksheet rownumbers and column letters are hidden and the default worksheet gridline is turned off.Scroll down the worksheet (or use the “Zoom” option) to see that the worksheet alsodisplays a series of XY charts that give you a quick visual overview of your results.Turn On/Off Worksheet HeadersYou may find that you need to turn on worksheet headers for an analysis. For example,if a number in the descriptive statistics report is too wide for the default column width,the number displays as pound signs (######). You may want to widen that value’scolumn so the actual number displays. Alternatively, clicking on the cell showing #####will display its numerical value in the formula bar.9


To widen the column, you need to see Excel’s display of Column letters. A quick way tocontrol the display of headers (row numbers and column letters) is to:1) Choose the “Page Layout” tab on the Excel ribbon.2) Find the “Sheet Options” group on that tab.3) Check the “Headings View” box to display Column letters.4) Widen any report columns that require it (double-click the dividing line between theproblematic column header and the header to its right to automatically widen thecolumn so it displays the widest entry in that column).5) Turn back off column headers.The “Variance” column widened to display all values.The Regression and Forecasting Command Group on the RibbonThis command group on the <strong>FSBstats</strong> tab contains two buttons: “Regression” and“Forecasting”. Before you use either option, be sure to name the data ranges you’ll beusing in your analysis (use the “Name Your Data” group and its “Create from Selection”button described above or any other Excel range naming technique). Both the“Regression” and the “Forecasting” option indicate data by means of range names.The “Regression” ButtonClick the “Regression” button to open the “Please Choose the Dependent andIndependent Variables” dialog.Choose Regression VariablesIn this dialog a model name and the Confidence Level are preset for you. To changeeither one, click in its text box and replace the default with your own choice. Model10


Name, set at default as Model 1, will be the name of the worksheet with the RegressionAnalysis output. Note that the Confidence Level has to be a number between 0 and 1.(Removing a value from the Confidence Level textbox will create the regression analysisoutput without confidence interval information.)All the variable names (from the range names you’ve assigned) appear in the large list atin the lower half of the dialog. One of those variable names also appears in the“Dependent Variable” text box.DefaultTo run a (multiple) regression analysis of your data you first must identify oneDependent Variable from the drop-down menu and then (multiple) IndependentVariable(s) by clicking boxes next to the variable(s) you want to select.If, for example, you want to run a regression analysis with “Ads” as the dependentvariable and “Comp_Price”, “Income”, “Population”, “Time”, “Time_Var”, and“Unit_Sales” as the dependent variables, you’d make the choices you see in theillustration shown below. A variable can not be both a dependent and an independentvariable. Since “Ads” is selected as the dependent variable in this example, the “Ads”choice in the list of independent variables is not selected.11


You might choose anothercombination. For example, in theillustration at left, “Income” isidentified as the DependentVariable with all the rest of thevariables identified as IndependentVariables.Again, for the regression analysis, ifa variable is identified asdependent it can not also beidentified as independent.Run a Regression AnalysisOnce you’ve made choices for Model Name, Confidence Level, and Dependent andIndependent Variables, click the Run Specified Regression button. The <strong>FSBstats</strong> softwaregenerates regression output on a new worksheet it inserts in your workbook. The newworksheet tab is named with the “Model Name” from the dialog. If you leave thedefault name, the worksheet name is “Model 1”.12


View the Regression ResultsAs was true for the descriptive statistics report, the report of regression results displayswith worksheet row numbers and column letters hidden and no gridlines. Notice in thisoutput, however, that Excel displays the results in an outline form. A new, narrow panedisplays on the left side of the work area. This blue-shaded outline pane containsexpansion and contraction buttons that allow you to expand or contract sections of thereport.A sample regression results report.Outline mode pane.With all the report sections contracted,the regression results look like theillustration at right.13


With all the reports sections expanded, the regression results look like the illustrationbelow (partially shown).Along with text results, a number ofcharts are available.The “Histogram of Residuals” is theonly chart that displays when its reportsection is expanded.Two report sections — The “ScatterPlots” and the “Residual Plots” reports— contain sub-reports, each of which isa chart.For example, the “Scatter Plots” reportsection contains six plots any one ofwhich can be displayed by clicking thecorresponding expansion icon in theoutline pane at left.In the illustration below the “Ads –vs- Comp_Price scatter plot is expanded.14


The “Model Summaries” WorksheetWhen you run your initial regression analysis <strong>FSBstats</strong> locates the regression results onthe “Model 1”worksheet (or a worksheet with whatever name you’ve specified). It alsoautomatically creates a new worksheet in your workbook named “Model Summaries”.The “Model Summaries” worksheet contains a summary of your regression results.Notice in the illustration below that the right-most column has the label “Model 1”. Thisis a summary of the results for the initial regression. If you gave your analysis anothername, that name would appear in place of the name “Model 1”.If you go back to your data and use it to run a different regression analysis (perhapschanging the dependent variable and the selection of independent variables), <strong>FSBstats</strong>generates results on a new worksheet it names “Model 2”. The Model 2 results areautomatically added to the “Model Summaries” worksheet. <strong>FSBstats</strong> arranges the Model2 results to the right of the Model 1 results as long as they have the same dependentvariable, as shown in the illustration below.15


If you continue to run regression analyses, <strong>FSBstats</strong> continues to add additionalsummary information to the “Model Summaries” worksheet.Run another Regression AnalysisPerhaps you study the results of your first analysis (Model 1) and decide you’d like tochange some of the inputs to the regression. At any time, click the “Regression” buttonin the “Regression and Forecasting” group to open a new setup dialog (the “PleaseChoose the Dependent and Independent Variables” dialog).Choose a different Dependent Variableand a different set of IndependentVariables.Notice that the <strong>FSBstats</strong> software hasautomatically given this new model itsown name: “Model 2”.Click the Run Specified Regression togenerate a new worksheet in theworkbook holding the regressionreport results. This worksheet’s tabname is “Model 2”.The earlier “Model 1” regression report remains in your worksheet. Generate as manyvariations of the regression analysis as you like. Each occupies its own new worksheet inyour workbook.The Forecasting ButtonThe “Forecasting” button in the “Regression and Forecasting” group is another featureof the <strong>FSBstats</strong> software. Notice at the very bottom of the regression results report asection with the label “Forecasted” and then the name of the dependent variable in theanalysis.To use the forecasting features of <strong>FSBstats</strong>, input suitable values in the columns in thislast regression results section and then click the “Forecasting” button in FSBstat’s“Regression and Forecasting” group.16


For example, in the illustration below data has been entered for three different forecasts.The data for each forecast occupies one row. Values must be entered for all independentvariables (here, Comp_Price, Income, Population, Price, Time_Var, and Unit_Sales).With values entered for the independent variables, click FSBstat’s “Forecasting” button.<strong>FSBstats</strong> calculates the forecast and forecast interval range for each row of valuesentered and adds these to the output.Notice that each row now has a label: “Fcst# 1”, “Fcst# 2”, “Fcst# 3”.Forecasting Troubleshooting NotesNeglect to Enter All ValuesIf you neglect to enter values for all the independent variables before hitting the“Forecasting” button <strong>FSBstats</strong> prompts you with the dialog below.Attempt to Forecast from a Non-Active SheetIf you return to a model that <strong>FSBstats</strong> considers non-current and attempt to forecastfrom it, a pop-up box displays to let you know that the Model you want to work withisn’t currently active.17


Answer “Yes” to the pop-up question asking if you want to activate your chosen model.<strong>FSBstats</strong> activates the model you want to use and you can proceed with the forecastingprocess as described above.Adding New ForecastsYou can always add new forecasts by adding new forecast input values on a worksheetand rerunning the forecast operation. All previous forecast values are overwritten withnew values, so changing any of the old input values will also change the forecasts. (Ofcourse if no changes were made to the previous input information, there will be nochange in the recalculated forecast values.)End of A <strong>First</strong> <strong>Look</strong> at <strong>FSBstats</strong>18


Appendix 1: Turn On/Off Headers & Gridlines - Another Method<strong>FSBstats</strong> reports display with headers (row numbers and column letters) and gridlinesturned off. Along with the “Page Layout” tab “Sheet Options” group of commands, youcan turn back on the display defaults in this way:1) Click the Office button at the upper left-hand corner of your Excelworkspace.2) Choose the Excel Options button at the bottom of the display. The“Excel Options” dialog displays.3) At the left of the “Excel Options” dialog choose the “Advanced” option.4) Scroll down to the “Display options for this worksheet” section.5) Turn back on row and column headers and/or gridlines.Your report now displays with row numbers, column letters, and gridlines.Reverse the process to return to the <strong>FSBstats</strong> report defaults.19


Appendix 2: Install and Un-install <strong>FSBstats</strong>Recall that when you open the <strong>FSBstats</strong>.xlsm file in Excel you see a dialog with threeoptions: Yes – Install, No – Open but don’t install, and Cancel – Close.The document above recommends and describes the first option: Yes.The “No – Open it so I can use it now, but don’t install it” option works like this:Click the “No” button. A new “<strong>FSBstats</strong>” tab appears on the Excel ribbon but there’s noentry for the software in your Excel Add-Ins dialog. When you close Excel, the“<strong>FSBstats</strong>” tab goes away; it doesn’t reappear the next time you open Excel.The “Cancel – Close the add-in” option does not open or install <strong>FSBstats</strong>.20


Delete <strong>FSBstats</strong> from Your ComputerIf at some point in the future you want to delete the add-in, use Windows Explorer tobrowse to the folder where you have the <strong>FSBstats</strong>.xlsm file stored. Delete that file.Then, open Excel’s Add-Ins dialog and double-click the name of the add-in you justdeleted. Excel won’t be able to find the file and will display a dialog like the one shownbelow that asks if you want to delete the add-in name from your list of Add-Ins. ClickYes.The software is now un-installed.If you open the “Excel Options” dialog and examine your Excel add-ins, <strong>FSBstats</strong> shouldno longer appear.21


Appendix 3: Troubleshooting <strong>FSBstats</strong>Running the SoftwareIf you receive a copy of <strong>FSBstats</strong> on a CD be aware that you must install the software onyour own computer’s hard drive in order to run it. You can not run the software directlyfrom the CD.Printer Definition RequiredIf you do not have a printer defined for your copy of Excel, <strong>FSBstats</strong> will stop operatingas it attempts to provide regression solutions. This will likely require you to reboot yourcomputer and start your session over. To avoid this problem, configure some kind ofprinter for your copy of Excel. It doesn’t matter what printer you select; <strong>FSBstats</strong> justwants a printer to be defined.End of Appendices22

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