StatTools

Have you ever needed forecasting, regression, quality control charts, or other statistical analyses beyond the basics that are provided with Excel?  Have you ever doubted the accuracy of some of Excel’s statistical results?  StatTools addresses both of these issues, providing a new, powerful statistics toolset to Excel.

StatTools covers the most commonly used statistical procedures, and offers unprecedented capabilities for adding new, custom analyses. StatTools replaces Excel’s built-in statistics functions with its own calculations. The accuracy of Excel’s built-in statistics calculations has often been questioned, so StatTools doesn’t use them. All StatTools functions are true Excel functions, and behave exactly as native Excel functions do. Over 30 wide-ranging statistical procedures plus 9 built-in data utilities include forecasts, time series, descriptive statistics, normality tests, group comparisons, correlation, regression analysis, quality control, nonparametric tests, and more.

I've worked with Minitab before, and now abandoned it altogether since StatTools is so much better!
Alex Lebedev
Lebedev Consulting
Pretoria, South Africa

StatTools has also been fully translated into Spanish, German, French, Portuguese, Russian, Japanese, and Chinese.

New in Version 7.5 – New & Improved Analyses

StatTools 7.5 improves upon already-powerful Box-Whisker plots, regression, and confidence intervals, while adding a new chi-square goodness-of-fit test.

Improved Box-Whisker Plots
Choose between horizontal and vertical plots, and control how to view outliers.

New Chi-Square Goodness-of-Fit Test
This new test checks if the frequency distribution of a categorical variable of your sample fits a specified pattern and is consistent with a hypothesized distribution.

Improved Handling of Outliers in Regressions
Identify your outliers in data and graphs to better examine them.

Upgraded Confidence Intervals and Hypothesis Tests
Confidence intervals and hypothesis tests for mean and standard deviation can be implemented using a known population standard deviation or summary statistics as the input.

Industries & Applications

INDUSTRY SAMPLE APPLICATION
FINANCE AND SECURITIES
» Models
» Case Studies
Sales forecasting
Portfolio management
Real options analysis
Retirement planning
BANKING
» Models
Lending decisions
Pricing analysis
SIX SIGMA / QUALITY ANALYSIS
» Models
» Case Studies
Manufacturing quality control
Customer service improvement
HEALTHCARE
» Case Studies
Improving quality of care
Research
MANUFACTURING
» Models
» Case Studies
Six Sigma and quality analysis
New product analysis
Product life cycle analysis
Marketing
Demand forecasting
GOVERNMENT
» Case Studies
Census, labor, housing, economic policies
ENVIRONMENT
» Case Studies
Endangered species preservation
POLITICS Polling and strategic planning
SPORTS AND GAMING Draft picks
Odds setting
See StatTools forecast in Excel. Click image to view larger graphic.

How StatTools Works

First, you define your data in StatTools. Then, you perform any of over 30 different types of analysis on your data set, depending on your situation.

StatTools provides a comprehensive and intuitive data set and variable manager right in Excel. You can define any number of data sets, each with the variables you want to analyze, directly from your data in Excel. StatTools intelligently assesses your blocks of data, suggesting variable names and locations for you. Your data sets and variables can reside in different workbooks, allowing you to organize your data as you see fit. Run statistical analyses that refer to your variables, instead of re-selecting your data over and over again in Excel. StatTools fully supports the expanded worksheet size in Excel 2007-2010. Plus, you can define variables that span multiple worksheets.

Once your data sets have been defined, choose a procedure from the StatTools menu or write your own, custom procedure.  To write your own, StatTools includes a complete, object-oriented, programming interface—the Excel Developer Kit (XDK). Custom statistical procedures may be added using Excel's built-in VBA programming language, which allows you to utilize StatTools's built-in data management, charting and reporting tools.

See StatTools Data Set Manager. Click image to view larger graphic.

StatTools Analyses

The statistical procedures available in StatTools come in the following natural groups.

Statistical Inference: This group performs the most common statistical inference procedures of confidence intervals and hypothesis tests.

Forecasting: StatTools gives you several methods for forecasting a time series variable. You can also deseasonalize the data first, using the ratio-to-moving-averages method and a multiplicative seasonality model. Then use a forecasting method to forecast your deseasonalized data, and finally “reseasonalize” the forecasts to return to original units.

The outputs include a set of new columns to show the various calculations (for example, the smoothed levels and trends for Holt’s method, the seasonal factors from the ratio-to-moving-averages method, and so on), the forecasts, and the forecast errors. Summary measures such as MAE, RMSE and MAPE are also included for tracking the fit of the model to the observed data. Finally, several time series plots are available, including a plot of the original series, a plot of the series with forecasts superimposed, and a plot of the forecast errors. In cases using deseasonalized data, these plots are available for the original and deseasonalized series.

Classification Analysis: StatTools provides both discriminant analysis and logistic regression. Discriminant analysis predicts which of several groups a variable will fall in, and logistic regression is a nonlinear type of regression analysis where the response variable is 0 or 1 for “failure” or “success.” You can then estimate the probability of success.

Data Management: This group allows you to manipulate your data set in various ways, either by rearranging the data or by creating new variables. These operations are typically performed before running a statistical analysis.

Summary Analyses: This group allows you to calculate several numerical summary measures for single variables or pairs of variables.

Tests for Normality: Because so many statistical procedures assume that a set of data are normally distributed, it is useful to have methods for checking this assumption. StatTools provides three commonly used checks: Chi-square, Lilliefors, and Q-Q plot.

Regression Analysis: For each of these analyses, the following outputs are given: summary measures of each regression equation run, an ANOVA table for each regression, and a table of estimated regression coefficients and other statistics. In addition, StatTools gives you the option of creating two new variables: the fitted values and residuals. Plus, you can create a number of diagnostic scatterplots.

Quality Control Charts: This set of procedures produces control charts that allow you to see whether a process is in statistical control. Each of the procedures takes time series data and plots them in a control chart. This allows you to see whether the data stay within the control limits on the chart. You can also tell if other nonrandom behavior is present, such as long runs above or below the centerline. Each of these procedures provides the option of using all the data or only part of the data for constructing the chart. Furthermore, each lets you base the control limits on the given data or on limits from previous data.

Nonparametric Tests: Nonparametric tests are statistical procedures which can be used to make successful inferences when there is little available data. They are more robust than many of the widely known parametric hypothesis tests. Nonparametric tests do not always need the parametric assumptions—such as normality—or generalized assumptions regarding the underlying distribution. In most cases, the nonparametric tests are much easier to apply and provide clearer interpretation than traditional parametric tests.

Excel Ease of Use

StatTools is a true add-in to Microsoft Excel, integrating completely with your spreadsheet. Browse, define, analyze – while never leaving Excel. StatTools replaces Excel’s built-in statistics functions with its own calculations. All StatTools functions are true Excel functions, and behave exactly as native Excel functions do. StatTools calculations are optimized through the use of C++ .DLLs, not macro calculations.

List of StatTools Analyses

 Statistical Inference • Sample Size Selection • Confidence Interval Analysis – One-Sample – Two-Sample – Paired-Sample • Hypothesis Tests – One-Sample – Two-Sample – Paired-Sample • ANOVA – One-way ANOVA – Two-Way ANOVA • Chi-square Independence Test • Chi-square Goodness-of-Fit Test • Runs Test for Randomness   Forecasting Procedure • Moving Averages • Exponential Smoothing • Seasonality   Classification Analysis • Discriminant Analysis • Logistic Regression   Data Management • Categorical Data • Stacked and Unstacked data types • Variable Transformations • Random Sample Generation • Analysis across multiple datasets and worksheets • Maximum 1024 datasets with 256 variables per dataset • Maximum 16 million data points per variable (StatTools Industrial) or 10,000 data points per variable (StatTools Pro)   Multivariate Analysis • Principal Component Analysis • Cluster Analysis Summary Analyses and Graphs • One-Variable Summary • Correlation/Covariance • Autocorrelation • Histogram • Scatterplot • Time Series • Box Whisker • Bar Normality Tests • Chi-square Test • Lilliefors Test • Q-Q Normal Plot   Regression Analysis • Simple • Stepwise – Forward – Backward – Block   Quality Control • X-Bar Charts • R Charts • P Charts • C Charts • U Charts • Pareto Charts   Nonparametric Tests • The Sign Test • Wilcoxon-Signed Rank Test • Mann-Whitney Test (also known as Wilcoxon Rank-Sum Test) • Kruskal-Wallis Test

Two Editions to Meet Your Needs

StatTools comes in Professional and Industrial editions. The Industrial edition of StatTools adds Expanded Data Sets. With Expanded Data Sets, you can define variables that span multiple worksheets. The Professional edition allows 10,000 data points for a single variable.

StatTools Features & Benefits

FEATURES BENEFITS
New statistics in Excel Replaces questionable Excel functions and perform wide range of analyses
Seamless integration with Excel Never leave your spreadsheet; get up to speed quickly
Live updating when input data changes Statistical reports and charts always reflect latest data
Intelligent data management Quick definition of data sets; management of multiple data sets
Capacity for large data sets; support for Excel 2010 and higher worksheet size No limits on amount of data to analyze (Industrial only. 10,000 data points per variable for Professional)
Excel-based reporting and charting Full customization capabilities on all StatTools reports
Excel data access Import data from virtually any source into Excel
Save results in Excel workbooks Share StatTools reports with any Excel user, even if they don’t have StatTools
Data Viewer Create presentation-quality, interactive charts from any data source using Palisade graphing engine
Excel Developer Kit (XDK) Programming interface lets you define custom procedures in StatTools using Excel VBA
I applaud StatTools' powerful statistical analysis. The mathematics in Excel leave something to be desired. Long ago I re-wrote Excel's statistical functions as add-in macros due to the lack of precision within Excel. After testing a few of my favorite hand-written algorithms (Tinv, NormSdist, Normdist, Norminv, Binomdist, to name a few) against the ones you've included withthe package, our numbers agree to the last digit! At last, someone takes the initiative! Thank you!
Gregory E. Cenker
Southern California Edison

Part of the DecisionTools Suite

StatTools is available by itself or as part of the DecisionTools Suite, Palisade’s complete risk and decision analysis toolkit. The DecisionTools Suite includes @RISK, which adds risk analysis to Excel using Monte Carlo simulation, BigPicture for mindmapping and data exploration, PrecisonTree for visual decision tree analysis, TopRank for what-if analysis, NeuralTools and StatTools for data analysis, and more. StatTools is fully compatible with all DecisionTools programs and can be combined with them for greater insight and analysis. For example:

StatTools and @RISK then RISKOptimizer
Combine StatTools with @RISK to assess confidence intervals on simulation results. You can also apply @RISK functions to StatTools time-series forecast results to simulate possible outcomes with more precision than the times-series analysis alone. Run RISKOptimizer on your model using the same @RISK functions in order to find the best combination of factors to maximize your forecasted profits.

Watch how StatTools and @RISK work together

Save Over 50% When You Buy the Suite
When you buy the DecisionTools Suite, you save over 50% versus buying all components individually. The best analyses at a great price–with the DecisionTools Suite.

Licensing and Training

StatTools is available through a variety of licensing options, including corporate, network, and academic licenses. Training, consulting, and books can be bundled with your software to ensure you and your staff get the most out of your investment.

Also Available: Learning Statistics with StatTools

With your StatTools purchase, you should also consider a copy of Learning Statistics with StatTools, a practical, straightforward guide to getting the most out of StatTools and statistics generally. Much more than a software manual, this book shows you how to apply statistics to a variety of real-world problems. Each chapter discusses a set of statistical procedures, grouped as they are in the StatTools menu structure. Example models are also included that you can customize for your own needs.

100% Excel

StatTools calculations are performed 100% within Excel, supported by Palisade sampling and statistics proven inover twenty years of use. Palisade does not attempt to rewrite Excel in an external recalculator to gain speed. Asingle recalculation from an unsupported or poorly reproduced macro or function can dramatically change your results. Where will it occur, and when? Get accurate results using StatTools!

Compatibility: @RISK and DecisionTools Suite software is compatible with all 32-bit and 64-bit versions of Microsoft Windows XP through 10, Excel 2007 through 2016, and Project 2007 through 2016.

64-bit Compatible: 64-bit technology enables Excel and DecisionTools software to access much more computer memory than ever before. This allows for vastly larger models and greater computational power.

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