With that, Excel can generate a series of random numbers based on the data entered and the standard deviation. With this data you can then create a curved chart, known as a bell curve.

Pooled standard deviation is a useful tool when analyzing data sets. It is especially helpful when you’ve taken the time to properly weigh your standard deviations so everything is in balance.

Following up on that, of course, calculating statistical measures such as standard deviation and correlation manually can be cumbersome.