What are Control Charts in Excel?

For example, packing boxes with a certain number of products. In such cases, this chart can help analyze whether our process is performing within our calculated parameters.

The control chart is the visual graph to analyze the process change over time. We need to arrange the data in chronological order with current data sets to plot this Excel graph. To create a control chart in Excel, we need to have the average of the data, the upper control limit of the data, and the lower control limit of the data.

All these lines are drawn by using historical data sets. We compare the current data set with average, upper limit, and lower limit lines in the graph to determine whether the process variation is consistent or inconsistent and whether the data is unpredictable. If all the data points come within the control limit lines (averageAverageAverage is the value that is used to represent the set of values of data as is the average calculated from whole data and this formula is calculated by adding all the values of the set given, denoted by summation of X and dividing it by the number of values given in set denoted by N.read more, upper, lower), then variations may be due to general cause and process said to be in control. Similarly, if the data points are plotting above or below the limit line, variations may be due to special cases and processes “out of control.”

You are free to use this image on you website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Control Charts in Excel (wallstreetmojo.com)

Types of Control Charts in Excel

We have four kinds of control charts with Excel. Below are the types of control charts with Excel.

  • High – Low – CloseOpen – High – Low – CloseVolume- High – Low – CloseVolume – Open – High – Low – Close

Each chart requires a specific set of data. So first, let us look at how each type of control chart is created.

Type #1 – High – Low – Close Control Chart

So, this shows how “High, Low, and Close” points fared on each day.

Type #2 – Open – High – Low – Close Control Chart

To create this, we need a copy table to the worksheet.

We will insert the Open – High – Low – Close chart this time.

Now we will have the below chart.

Type #3 – Volume – High – Low – Close Control Chart

To create this, we need to have one additional data point, i.e., “Volume” data.

We must copy the above table to the worksheet; insert the Volume – High – Low – Close chart.

Type #4 – Volume – Open – High – Low – Close

It is the final type of control chart. For this, we need one more additional data, i.e., the opening value of the data point.

Then, we must copy the above table to the worksheet. This time, insert the Volume-Open-High-Low-Close chart.

So, now we will have the designed chart below.

We can do all the settings, formatting, and many other things as per our choice.

This article is a guide to Control Charts in Excel. Here, we discuss the top 4 types of control charts in Excel and how they are created with practical examples and a downloadable Excel template. You can learn more about Excel functions from the following articles: –

  • Animate Excel Chart3D Scatter Plot in ExcelExcel Marimekko ChartCreate an Excel Template of Family TreeExcel Shortcut for Merge and Center