Best Excel Formulas: Part 2 (11-20): Essential Excel Formulas to change how you work FOREVER!
Top Excel Functions
Microsoft Excel is a versatile tool that goes beyond simple data entry and calculations. With the right formulas, you can transform Excel into a powerhouse for data analysis, decision-making, and automation. In today’s data-driven world, proficiency in Microsoft Excel is more than just a valuable skill—it’s a necessity.
Welcome to the second part of our series on the best Excel formulas. In this article, we’ll introduce you to ten indispensable Excel formulas that can revolutionize how you work with data.
From the classic VLOOKUP and its modern cousin, XLOOKUP, to the ingenious LET function and advanced conditional IF functions, we’ve got you covered, and we’ll guide you through these formulas step by step.
So, whether you’re an Excel novice looking to enhance your skills or a seasoned pro aiming to up your game, join us as we unlock the full potential of Microsoft Excel’s formidable formula arsenal. Let’s dive in!
- Top Excel Functions
VLOOKUP Function
The VLOOKUP function is a cornerstone of Excel’s lookup and reference functions. It resides under the “Lookup & Reference” section in the Formulas ribbon. In essence, VLOOKUP searches for a value in the leftmost column of a table and retrieves a value from the same row in a specified column. This powerful function is ideal for quickly extracting data based on a lookup value.
XLOOKUP Function
Introduced in Excel 2021, XLOOKUP is a more user-friendly alternative to VLOOKUP. It simplifies complex lookups while offering similar functionality. What sets XLOOKUP apart is its reduced number of required arguments, making it more appealing for users. If you’ve ever found VLOOKUP a bit tricky, XLOOKUP is here to streamline your Excel tasks.
MATCH Function
The MATCH function, available both in its traditional form and as a partner to XLOOKUP, is critical for locating the position of a specific value within a dataset. It can return the relative position of a lookup value within a given range. You can specify the match type as exact, smaller, larger, or even search from the first to the last or the last to the first. MATCH simplifies complex indexing tasks and streamlines your Excel projects.
COUNTIF Function
Counting cells with specific text in Excel is a common task. The COUNTIF function is a powerful tool for this purpose. You can use wildcards like asterisks and question marks to count cells containing specific text values.
IF, Nested IF, and IFS Functions
This section will delve into making informed decisions using logical functions, starting with the IF function.
IF Function
The IF function is a powerful Excel decision-making tool found in the Functions Library under the Logical category. It operates based on a logical test; if true, it returns one value, and if false, another.
Nested IF Functions
Nested IF functions allow for more complex conditions. It enables you to create a series of conditional tests within a single formula. Each condition is evaluated sequentially, and the corresponding value or action is returned for the first true condition, making it useful for handling complex decision-making scenarios.
IFS Function
IFS function simplifies complex conditions and eliminates the need for nested IFs. IFS requires only logical tests and corresponding values for true conditions, making it easier to work with. Excel’s IF, Nested IF, and IFS functions are potent tools for decision-making and data analysis, improving your data handling abilities in Excel.
Conditional IF Functions
Conditional IF functions, including COUNTIFS, SUMIFS, AVERAGEIFS, COUNTIF, SUMIF, and AVERAGEIF, enable calculations or actions based on specific conditions or criteria.
The singular forms — COUNTIF, SUMIF, and AVERAGEIF — are designed for scenarios with a single condition.
COUNTIF
Counts the number of cells meeting a single condition.
SUMIF
Calculates the sum of values meeting a single condition.
AVERAGEIF
Computes the average of values meeting a single condition.
These functions simplify data analysis when dealing with straightforward conditions.
COUNTBLANK Function
As the name implies, COUNTBLANK is a valuable Excel function that counts blank cells within a selected range. To ensure your COUNTBLANK formula adjusts as you add more data, consider working with Excel tables and updating your COUNTBLANK formula to use the table name instead of cell references. Converting your data into a table simplifies managing expanding datasets.
LET Function
The LET function is a valuable addition to Excel’s logical functions, allowing you to name calculation results within a formula, enhancing readability and efficiency. LET proves particularly useful when referencing the same value multiple times within a formula.
Date and Time Functions
Excel offers various functions for effective date and time manipulation. Here are some examples:
Extracting Date Components:
DAY
Extracts the day number from a date.
MONTH
Retrieves the month number.
TEXT
To obtain the day name (e.g., “Monday” or “Mon”) and month name (e.g., “January” or “Jan”), use TEXT with custom formatting.
Combining Date Components
Using the DATE function, you can also combine day, month, and year values to create a date. For instance, if you have the year in cell K4, the month in L4, and the day in M4, you can use the formula =DATE(K4, L4, M4) to create a full date.
Randomized List and RAND Function
Randomizing a list in Excel can be beneficial in various scenarios. Achieve this by combining functions such as RANDARRAY, COUNTA, and sorting techniques. This allows you to shuffle list entries without bias.
These ten essential Excel formulas can revolutionize the way you work with data. Excel has a formula to simplify the task, whether you’re searching for specific values, making complex decisions, performing calculations based on conditions, or manipulating date and time data. So, explore these formulas, practice, and unlock the full potential of Microsoft Excel. Your productivity and data analysis skills will thank you.
Also read:
Best Excel Formulas: Part 1(1-10): Essential Excel Formulas to change how you work FOREVER!
How to Link Excel to PowerPoint
How to Add Slide Numbers in PowerPoint
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Simon Sez IT has been teaching Excel and other business software for over ten years. You can access 160+ IT training courses for a low monthly fee.
Simon Calder
Chris “Simon” Calder was working as a Project Manager in IT for one of Los Angeles’ most prestigious cultural institutions, LACMA.He taught himself to use Microsoft Project from a giant textbook and hated every moment of it. Online learning was in its infancy then, but he spotted an opportunity and made an online MS Project course - the rest, as they say, is history!
