Appendix SiarToots isa professions! (addin tha expan the attic! copabil ‘vatabe with Miroeft wel SerToks software ‘ar be doiccded from ‘he website tha aecompanies hee Chapter 1 Date-ond Stoisies An Introduction to StatTools Excel does not contain statistical functions or data analysis tools to perform ull the staisti- cal procedures discussed in the text. StatTools is a Microsoft Excel statistics add-in that ex- tends the range of statistical and graphical options for Excel users. Most chapters include a chapter appendix that shows the steps required to accomplish a statistiesl procedure using ‘StatTools, For those students who want to make more extensive use of the software, Stat- ‘Tools offers an excellent Help facility. The StatTools Help system includes detailed expla nations of the statistical and data analysis options available, a8 well as descriptions and definitions ofthe types of output provided, Getting Started with StatTools ‘StaeTools software may be downloaded and installed on your computer by accessing the ‘website that accompanies this text. After downloading and installing the softwate, perform the following steps fo use StatTools as an Excel add-in, Step 1. Click the Start button on the taskbar and then point to A Programs Step 2. Point io the folder entitled Palisade Decision Tools Step 3. Click StatTools for Excel ‘These steps will open Excel and add the StatTools tab next to the Add-Ins tab on the Excel Ribbon. Alternately, if you are already working in Excel, these steps will make StatTools available. Using StatTools Before conducting any statistical analysis, we must create a StatTools data set using the StatToo!s Data Set Manager. Let us use the Excel worksheet for the mutual funds data set in Table 1.1 to show how this is done. The following steps show how to create a StatTools data set for the mutual funds data, Step 1. Open the Excel fle named Momingstar Step 2. Select any cell in the dataset or example, cell AL) Step 3. Click the StatTools tab on the Ribbon Step 4 In the Data group, click Data Set Manager Step 5. When StsiTools asks if you Want 10 add the range $ASLSF: StatTools dataset, click Ves Step 6. When the SiatTools—Data Set Manager dislog box appears, click OK 26 as a new Figure 1.10 shows the StatFools—Data Set Manager dialog box that appears ip sep 6, By cefault, the name of the new StatTools data set is Data Set #1. You can replace the name Data Set #1 in step 6 with a mote deseriptive name. And, if you select the Apply Cell Format option, the column labels will be highlighted in blue and the entire data set will have o side and inside borders. Yon can always select the Data Set Manager at any time in your aualysis to make these types of changes, Recommended Application Settings StatTools allows the user to specify some ofthe application settings that control such things as where statistical output is displayed and how calculations are performed. The following, steps show how to access the StatTools—Application Settings dialog box. Step 1. Click the StatTools tab on the Ribbon Step 2. In the Tools Group, click Utilities Step 3. Choose Application Settings from the list of optionsAppendix An introduction to SttTooks 29 FIGURE 1.10. THE STATTOOLS—DATA SET MANAGER DIALOG BOX statist that ex- nchude a re using re, Sta dl explax jons and sing the perform Names nt Row [EdiRarge tone [ep Fomt—] Fund Name auto auto I make Panes ag i tk Net Asset Yalue ($) auto. Ser Average Ret. auto Expense Ratio (%3) auto bon the si : : Morringstor Rank auto dataset ia Tools : i n step 6 Figure 1.11 shows that the Stat Tools Application Setings dialog box has five sections: hemame General Setings; Reports; Use; Data Set Defaults; and Analyses. Let us show how to | Format rake changes in the Reports section of the dialog box. ave out Figure 1.11 shows thatthe Placement option currently selected is New Workbook. in your Using this option, the StarTools output will be placed in a new workbook. But suppose you Would like 10 place the StatTools output in the current (active) workbook, Tr you lick the words New Workbook, a downward-pointing arrow will appear to the right. Clicking this acrow will display a list of all the placement options, including Active oe ‘Workbook; we cecommend using this option. Figure 1.11 also shows thatthe Updating lowing Preferences option in the Reports section is currently Live—Linked to Input Data. With live updating, anytime one or more data values are changed StatTools will automatically change the output previously produced; we also recommend using this option. Note that 3 there are two options available under Display Comments: Notes and Warnings and i Educational Comments, Because these options provide useful notes and information regarding the output, we recommend using both options. Thus, fo include educational| 30 Chapter 1 Dota and Statistics I Figur 1.11 THE STATTOOLS— APPLICATION SETTINGS DIALOG BOX Pare ne trneam ma | | stenarbg Nar una baa bidog memory Percent caasotons comments as pat af the StafTools output you will have to change the value of False for | Educational Comments to Tue | The StafTools—Setings dialog box contains numerous other features that enable you | to customize the way tat you want Sta(Tools o operate, You can lea moe aboat these i features by selecting the Help option located in the Tools proup, or by clicking he Help | icon located in the lower left-hand comer of the dilog box. When you have finish making | changes in the application settings, click OK atthe bottom of the dialog box and then cick Yes when StTools asks you if you want to save the new application stings.