Are you tired of using the traditional percentile formula in Excel? Fret not, because there's a new formula in town, and you're about to learn all about it. That's right, I'm talking about PERCENTILE.EXC.
For those unfamiliar, PERCENTILE is an Excel function that helps you calculate the kth percentile of a set of values. It's useful in statistics, and if you're working with data, chances are you're going to be using it quite a bit. However, until recently, there was no way to handle exclusive percentiles in Excel. That's where PERCENTILE.EXC comes in.
So, what is an exclusive percentile? Simply put, it's a percentile that excludes the actual values at that percentile. For example, let's say you have a set of numbers: 1, 2, 3, 4, 5, and you want to find the 50th percentile. With the traditional PERCENTILE formula, the answer would be 3, since 3 is the value that falls at the 50th percentile. But with PERCENTILE.EXC, the answer would be 3.5, as it excludes the value at the 50th percentile.
Now, let's get into the nitty-gritty of how to use PERCENTILE.EXC. The formula itself is pretty straightforward:
The 'array' argument is the data set you want to use, and the 'k' argument is the percentile you want to find. So, if we wanted to find the 75th percentile of the numbers 1 to 10, our formula would look like this:
It's important to note that the 'k' argument must be a decimal number between 0 and 1. Not a percentage. So, if you want to find the 90th percentile, you need to input 0.9 as the 'k' argument.
The benefits of using PERCENTILE.EXC are numerous. It's more accurate than the traditional PERCENTILE formula, since it excludes the values at the percentile. This makes it ideal for working with large data sets where precision is key. It also saves time, since you don't need to manually exclude the value at the percentile.
One thing to keep in mind is that PERCENTILE.EXC is only available in Excel 2010 and later versions. If you're using an older version of Excel, you'll need to use an array formula to achieve the same result.
Overall, I highly recommend using PERCENTILE.EXC if you work with data regularly. It's a simple formula that can save you time and increase the accuracy of your calculations. Happy calculating!