The Excel STANDARDIZE function returns a normalized value (z-score) based on the mean and standard deviation. To use the STANDARDIZE function, calculate the mean with the AVERAGE function, and the standard deviation with the STDEV.P function (see below).
A z-score, or standard score, is a way of standardizing scores on the same scale by dividing a score's deviation by the standard deviation in a data set. The result is a standard score, or a z-score. It measures the number of standard deviations a given data point is from the mean.
A z-score can be negative or positive. A negative z-score indicates a value less than the mean, and a positive z-score indicates a value greater than the mean. The average of every z-score for a data set is zero.
To calculate a z-score, you need to calculate the mean and standard deviation. The formulas in G4 and G5 are, respectively:
The Excel SMALL function returns a numeric value based on its position in a list when sorted by value in ascending order. In other words, SMALL can return the "nth smallest" value (1st smallest value, 2nd smallest value, 3rd smallest...
The Excel LARGE function returns a numeric value based on its position in a list when sorted by value in descending order. In other words, LARGE can retrieve the "nth largest" value – 1st largest value, 2nd largest value, 3rd largest...
The Excel RANK function returns the rank of a numeric value when compared to a list of other numeric values. RANK can rank values from largest to smallest (i.e. top sales) as well as smallest to largest (i.e. fastest time).
The Excel RANK.AVG function returns the rank of a number against a list of other other numeric values. When values contain duplicates, the RANK.AVG function will assign an average rank to each set of duplicates.