“Logic will get you from A to B. Imagination will take you everywhere.” ~ Albert Einstein
On a coach full of inebriated colleagues being dropped off after a Christmas party, I was once asked “What’s your favourite Excel function?” This led to an extended discussion about the merits of the various usual suspects and some more esoteric options, only stopped short by the arrival at my stop. This speaks loudly to the type of conversations I attract (and revel in). In today’s post I champion SUMPRODUCT and how it blossoms beyond its mathematical roots.
“We must become more comfortable with probability and uncertainty.” ~ Nate Silver
If you told me that your processing team turned around over a thousand widgets per day and that you just asked five people how long their last widget took to process: 28, 36, 24, 30 and 31 minutes. Now if I say that I predict your median process time is somewhere between 24 and 36 minutes you will probably think that’s a reasonable guess based on the few examples. However, if I then said I was over 93% sure of my prediction, you might think I was being rather over confident. Lets look at the maths behind why I can be so sure with so few data points.