Review: Are we certain now?
1. Review: Are we certain now?
We have explored the error and uncertainty in the data, and it's starting to look like our price changes didn't work out. We found that our revenue decreased, and we couldn't blame it on the rain, since it actually rained less after we made the change in prices.2. Hungry for profits
I guess you might say that's just how the cookie crumbles sometimes. Let's not lose hope yet,though. In this lesson, we'll add some of our own variation to the data to see how certain, or uncertain, we are.3. How random
Recall that we can add noise or variation to our data to model results under different conditions. One way we can do so is using the RANDBETWEEN() function. This function generates a random integer between the upper and lower limit provided as arguments to the function. For example, entering RANDBETWEEN(0,2) will randomly generate a 0, 1, or 2. This can be useful for modeling sales under different conditions. As an example, we wouldn't want to change individual prices to adjust your sales revenue, but we might want to remove random observations or duplicate others to simulate different conditions. By using this random number as the quantity, we can add variation and estimate sales.4. Revisiting sparklines
When adding variation to our data, it is important to have a quick way to compare data visually. This is a great opportunity to create a SPARKLINE(). Recall that sparklines are graphical representations of data in a single cell. The function takes two primary arguments: the data, or range to plot and options, which is a series of parameters that affect how to display the plot. The two options we use most are charttype, which indicates what type of plot to create, and max, which indicates the upper limit of the scale to use to plot.5. Revisiting sparklines
Recall that we specify the options argument within curly braces. We specify the option type and the option value, both in quotes, and we separate options using a semicolon. It's also worth noting that we can use other functions, such as the MAX() function in the example provided, within the SPARKLINE() formula.6. Let's practice!
Now that you've had a refresher on adding and visualizing variation in the data, let's put your skills to the test.Create Your Free Account
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