Microsoft Excel has many applications in the modern workplace today. However, its role in data analysis and presentation deserves an honourable mention. Data has no meaning when it is not analyzed. No information can be drawn from it. With MS Excel, you can analyze data and create insightful reports from it. One of the advantages of using Microsoft Excel for data analysis is that it saves time. It allows you to combine several functions to make a formula. This formula can then be replicated throughout several cells. Imagine how long it would take if you had to this manually. And remember no one cares how difficult it is to complete a certain task at work. It is up to you to simplify your data analysis tasks at work. In this article, I will highlight a few MS Excel functions that are useful in data analysis.
The If Function
The IF function is a logical function which specifies a logical test to be performed on the selected data set. It returns a value when the specified condition is true and another value if the specified condition is false. It is used to add a condition to the basic Excel functions such as sum, average, and count, to name but a few. It is very important in categorizing data into various classes or groups.
SUMIF is one of the best Excel functions. It is also one of the simplest since it just adds the values in the selected cells provided a certain condition is met. For example, in a worksheet made up of cells with values adding to more or less than 2000, you can add the cells with values that are more than 2000 using the SUMIF function.
This is a modification of the COUNT function. Precisely, just like the SUMIF function, it combines the COUNT function with the logical IF function to output the count of the selected cells in the range that meet a certain criterion. It helps data analysts to sort data by categories.
The average of a set of values is the sum of these values divided by their count. This Excel function is a measure of central tendency, and that is why accountants love it. It has several modifications, including AVERAGEA, AVERAGEIF, and AVERAGEIFS, all of which allow you to modify your calculations to meet certain conditions or rules.
This complex lookup and reference function is used to search for specific information in an excel sheet. It allows you to specify the value you are looking for, table array, the column index number, and the lookup range. The function then searches the information required from the leftmost column to the rightmost column and returns the requested value. Most people find this function challenging in the beginning, but after a short period of using it, they find it easy and convenient.
In summary, there are many Excel functions that you can make use of to complete your calculations easily. Learning how to use these functions is easier said than done. Sometimes, you need to be trained on how to apply these functions to perform complex calculations.