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Microsoft Excel is a powerful spreadsheet programs that has a lot of powerful built-in functions, but none for regression analysis for predictive analytics. Fortunately, Excel is also powerful in that it can be expanded, using add-ons, adapting the program to the needs of the user. Those who work regularly with statistics will benefit from the availability of a regression analysis add-on for Microsoft Excel. Five of them are listed here.
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Microsoft Excel Analysis ToolPak
The most common regression analysis add-on for Microsoft Excel is the Analysis ToolPak. This is an add-in that can be installed from your Microsoft Office CDROM. If you have Microsoft Office Excel 2007, you can tell if you have the Analysis ToolPak installed by clicking the Office button and then the “Excel Options" button. In the “Excel Options" window, click “Add-Ins" on the left. On the “Add-Ins" panel, select “Excel Add-ins" from the combo box and click the “Go" button. In the Add-Ins window, see if “Analysis ToolPak" is checked.
If it isn’t, click on the box and Excel will attempt to install it. You will be prompted to insert your Microsoft Office CDROM as the program works to install the add-on. With the Analysis Tool Pak installed, you now can perform regression analysis by clicking on the “Regression" option from the “Data Analysis" window.
For Excel 2010, go to the backstage view of Excel and click "Add-Ins." In the bottom of the window that opens, you should see "Manage" with "Excel Add-Ins" chosen. Click Go, and another window will open. You can check Add-Ins if needed and then OK.
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Another regression analysis add on for Excel is SolverStat. This add-in addresses weaknesses found in Microsoft Excel's Solver function, part of the Analysis ToolPak. Solver doesn't offer the estimated precision of fitted parameters and is also faulted for inadequate (and sometimes superfluous) analysis of fittings. SolverStat enhances functions to solve linear and non-linear regression problems, providing steps that provide analysis for model reliability. This add-in also performs statistical tests on least squares regression data.
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Unlike Excel’s Analysis ToolPak regression analysis add-on, OLS Regression works with values that aren’t present. It performs OLS estimation in excess of the 16 Xs that limit the LINEST function in Excel. OLS Regression complements normal regression output with robust SEs. The add-in also installs a function, OLSReg, which is equivalent to LINEST, but presents a more readable format.
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StatTools is a complete statistical tool kit for use in Microsoft Excel. It supports robust regression analysis and seamless integration with Excel. StatTools has custom functionality designed for industry, finance, banking, Six Sigma, manufacturing, government, politics and sports. If you need a regression analysis add-on that is complemented by customized functions, StatTools will be perfect for you. StatTools questions the accuracy of Excel’s AnalysisPak tools, so it doesn’t use them. Instead, those functions are all replaced by the StatTools add-in.
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Analyse-it provides statistical analysis and charting capabilities for Microsoft Excel. Scientists, engineers, educators, and manufacturing specialists will all find the power of Analyse-it’s regression analysis add on and more than 29 other non parametric and parametric procedures offers the tools necessary to uncover trends, investigate options for decision-making, and identify variations in datasets.