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Answer: Outlier analysis in excel - trimming means
Great question! I'm happy to help you with outlier analysis in Excel.
To calculate the mean of a range but not include or change values that are 2 or 3 standard deviations above or below the mean, you can use the following formula: Code:
=AVERAGE(IF((ABS(rng-AVERAGE(rng)))(2*STDEV(rng)), "", rng))
To count the number of data points that were "removed" and report that as a percentage, you can use the following formula: Code:
=100*COUNTIF(rng,"<"&AVERAGE(rng)-2*STDEV(rng))+COUNTIF(rng,""&AVERAGE(rng)+2*STDEV(rng))/COUNT(rng)
To replace outliers with the 2 standard deviations above or below value, you can use the following formula: Code:
=IF(rng<AVERAGE(rng)-2*STDEV(rng),AVERAGE(rng)-2*STDEV(rng),IF(rngAVERAGE(rng)+2*STDEV(rng),AVERAGE(rng)+2*STDEV(rng),rng))
To replace outliers with the mean, you can use the following formula: Code:
=IF(rng<AVERAGE(rng)-2*STDEV(rng),AVERAGE(rng),IF(rngAVERAGE(rng)+2*STDEV(rng),AVERAGE(rng),rng))
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