Creating a Standard Deviation Chart in Excel

Overview of Standard Deviation Chart

The Standard Deviation Chart, commonly known as the bell curve graph, is a tool in Excel used to display the spread of data points. It's central in evaluating and comparing employee performance, as well as in understanding stock price volatility.

Preparation of Data

Before plotting the standard deviation graph, ensure your data is organized. Calculate the mean (AVERAGE) and standard deviation (STDEV) of your dataset, as these values are critical for the bell curve.

Inserting the Bell Curve Graph

Once you have your dataset with calculated mean and standard deviation, insert a scatter plot. Then, add a bell curve using the 'Normal Distribution' function in Excel. This curve will show the distribution of employee performance or data volatility.

Adjusting the Bell Curve

Adjust the bell curve to accurately reflect the distribution, with the mean value at the center, higher performance ratings on the right, and lower ratings on the left. The shape of the curve will depend on the standard deviation value.

Finalizing the Chart

Customize the chart by adding titles, labels, and adjusting the scale to make the standard deviation graph clear and understandable. This visual representation will aid in the fair appraisal and reward of employee performance.

Common Use Cases

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  Analyzing the variability of stock prices over a specific time period
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  Evaluating the consistency of a manufacturing process
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  Assessing student performance variability in a class
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  Measuring temperature fluctuations over a season

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