How to Use a Scatter Plot in Microsoft Excel to Predict Data Behavior
Effective data analysis requires a clear understanding of the relationship between the variables and quantities involved. And if you have good data, you can even use it to predict data behavior.
However, unless you’re a mathematician, it’s impossibly difficult to create an equation from a data set. But with Microsoft Excel, almost anyone can do this by using a scatter plot. Here’s how.
Creating a Scatter Chart in Microsoft Excel
Before we can start predicting a trend, you first need tocreate a scatter chartto find one. The scatter plot presents the relationship between two variables along the two axes of the chart, with one variable independent and the other dependent.
The independent variable is usually displayed on the chart’s horizontal axis, while it’s possible to find the dependent variable on its vertical axis. The relationship between them is then represented by the graph line
To create a scatter chart on an Excel sheet, follow the steps below:
Drawing a Trend Line on a Scatter Plot Graph
In order to present the relation between the variables of the chart, a trend line is required. The trendline should be similar to or overlap with data values on the chart in order to accurately estimate the relationship between the variables. To draw a trend line on the scatter chart:
This will add a trendline (straight dotted line) to your scatter chart.
Formatting Trendline Options to Curve Fit the Data Values
We want to curve fit the trendline as close to the curve plot as possible. That way, we can get insight into the approximate relationship between the variables. To do so, follow the steps below:
Forecasting Forward and Backward Values Based on Trends
After curve fitting, you can use this trend line to predict the previous and future values that are not part of this data set. You can achieve this by assigning a value under the Forecast section of the Format Trendline window. Add your desired periods under theForwardandBackwardoptions to observe the expected values on the scatter chart.
Predicting the Relationship Between Multiple Independent and Dependent Variables to Formulate an Equation
Data sometimes contain multiple independent variables that create resultant values. In such cases, the trend may not be straightforward. To identify the relationship, you may have to look for trends among the dependent quantity and individual independent variables.
In the figure below, we have a data set that contains two independent variables. In the graph, the horizontal axis is representing the variableuand the vertical axis is representing the resultant dependent variable. Each line on the chart is also a function of variableT.
Here, we will find a way to find the approximate relationship between the dependent variableY(U,T)(or resultant value) and independent variablesUandT. This would enable us to extrapolate these variable values to predict the data behavior.
To do this, follow the steps below:
Y=2U+138.2
Y=2U+183.2
Y=2U+228.2
You can verify these values by plotting this equation for different values ofUandT. Similarly, you can predict the behavior ofY(U,T)for different values of variablesUandTnot available with this data set.
You Don’t Need to Be an Expert Mathematician to Predict Trends in Microsoft Excel
Now that you know how to find the relationship between a function and its dependent conditions, you may draw valid conclusions about the function’s behavior. Provided you have all the necessary variables that affect the mathematical function, you can accurately predict its value in the given conditions.
Microsoft Excel is a great tool that allows you to plot multivariable functions as well. Now that you have your data, you should also explore the different ways you’re able to create powerful graphs and charts to present them.
A great graph or chart can make a significant difference. Learn how to make great graphs and charts in Microsoft Excel.
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