XL Edge Guide · Outliers and Leverage
Outliers and leverage: finding the observations that don't fit
An observation can be unusual on one variable, or only in combination: big but understaffed, cheap but high-margin. XL Edge measures how far each row sits from the rest, all variables at once, and pairs that with the regression diagnostics that tell you whether an unusual row actually changes your answer.
What the guide covers
In this guide
- 1The idea: unusual in combination
- 2Using the ribbon
- 3The example: forty stores
- 4Reading the block
- 5Which cut-off?
- 6Does it matter? Residuals and influence
- 7With and without
- 8Practical advice
- 9Argument reference
What it uses
- Functions
fx.RiskOutliersλfx.RiskRegressResidsλfx.RiskEllipseλ- In the ribbon
- XL Edge tab › Productivity Tools › Stat Tools › Insert Statistical Diagnostics › Outliers and Leverage
- Example workbook
- Forty stores, simulated with a fixed seed. Every number in the guide is read from it.
- Needs
- Excel for Microsoft 365. The workbook carries its own functions in Name Manager, so it calculates with or without XL Edge installed.
Inside
The first four pages
More XL Edge Guides
- BootstrapHow sure are your numbers?
- Confidence EllipseAn interval for two variables at once
- CopulaWhen your inputs move together
- CorrelogramReading a series' memory
- Monte CarloShould we build Plant 2?
- Multivariate Time SeriesSeries that move together: VAR and VECM
- PortfolioThe efficient frontier in four formulas
- SARIMAForecasting a series with a yearly rhythm