Book Image

Data Smart

By : John W. Foreman
Book Image

Data Smart

By: John W. Foreman

Overview of this book

Data Science gets thrown around in the press like it's magic. Major retailers are predicting everything from when their customers are pregnant to when they want a new pair of Chuck Taylors. It's a brave new world where seemingly meaningless data can be transformed into valuable insight to drive smart business decisions. But how does one exactly do data science? Do you have to hire one of these priests of the dark arts, the "data scientist," to extract this gold from your data? Nope. Data science is little more than using straight-forward steps to process raw data into actionable insight. And in Data Smart, author and data scientist John Foreman will show you how that's done within the familiar environment of a spreadsheet. Why a spreadsheet? It's comfortable! You get to look at the data every step of the way, building confidence as you learn the tricks of the trade. Plus, spreadsheets are a vendor-neutral place to learn data science without the hype. But don't let the Excel sheets fool you. This is a book for those serious about learning the analytic techniques, math and the magic, behind big data.
Table of Contents (18 chapters)
Free Chapter
1
Cover
2
Credits
3
About the Author
4
About the Technical Editors
5
Acknowledgments
18
End User License Agreement

Using Array Formulas

In the concession transaction workbook, there is a tab called Fee Schedule. As it turns out, Coach O'Shaughnessy would let you run the snack stand only if you kicked some of the profit back to him (perhaps to subsidize his tube sock-buying habit). The Fee Schedule tab shows the percent cut he takes on each item sold.

So how much money do you owe him for last night's game? To answer that question, you need to multiply the total revenue of each item from the PivotTable by the cut for the coach and sum them all up.

There's a great formula for this operation that will do all the multiplication and summation in a single step. Rather creatively named, it's called SUMPRODUCT. In cell E1 on the Revenue By Item sheet, add a label called Total Cut for Coach. In C2, determine the SUMPRODUCT of the revenue and the fees by adding this formula:

=SUMPRODUCT(B2:B15,'Fee Schedule'!B2:O2)

Uh oh. There's an error; the cell just reads #Value. What&apos...