No matter which profession you are in, Microsoft Excel is one tool which continues to simplify the lives of the users. By providing a range of authentic algorithms and formulas, the multi grid software has won the hearts of the people who have truly mastered the use of this tool. So if you really want to be as experienced as them, then you have to check out a list of the top 10 most useful excel formulas which are bound to ease out your day to day calculations and make things a bit easier for you to calculate and comprehend.
Function #1: The Nested ‘IF’ functions:
The IF function pretty much forms the backbone of the whole software. No matter how many formulas you learn, if you don’t master the IF formula, you’re bound to feel incomplete somewhere or the other. This is a logical function and usually uses conditions to arrive at a given conclusion. If you use more than one IF in a statement, it’s called a Nested IF function.
Advantage: It gives you a lot of freedom to calculate different ranges and conditions in Excel. Combine this function with some of the basic functions like Sum, Count, Vlookup/Hlookup and see how your calculations become easier, faster and way quicker.
Function #2: Count:
If you’re sitting and counting repetitive data manually, then you have got to stop immediately. It’s time to be introduced to the world of Count. The purpose of the function is pretty much spelled out by the name itself. As you specify the criteria for the conditions, the Count function helps you perform quick calculations in a fraction of a second.
Advantage: You can use it with numbers as well as combine it with functions like IF in order to meet the daily needs of computing complex calculations.
Function #3: Vlookup/Hlookup:
Using these two functions is equivalent to looking up a name in a phone book. You specify a table of contents which is further perused by the Vlook/Hlookup up formula to mix and match the conditions being specified by the user.
Advantage: You can enhance the presentation of the data while it allows you to customize the data according to your needs. You don’t need to keep repeating the content on the main spreadsheet again. With the help of Vlookup/Hlookup, you can even link different sheets and workbooks in Excel.
=VLOOKUP (lookup_value, table_array, col_index_num, range_lookup)
Function #4: SUMIF, COUNTIF, AVERAGEIF:
They do exactly as their name suggests. SUMIF will add, COUNTIF will count and AVERAGEIF will average out the data once the user’s specified conditions are met.
Advantage: They are an extended version of the basic normal functions which when combined with conditions can help the user solve problems. For example: A user may want to add two numbers only when they are odd. While the first is a case of sum, the second condition is that the number should be added only when the numbers are odd (this is where the IF function comes in).
=SUMIF(range, criteria, sum_range),
=AVERAGEIF(range, criteria, average_range)
Function #5: CONCATENATE
This may sound like a very fancy function, but in reality its one of the best excel formulas. It basically combines the data of two cells into one cell. Usually, this function is used in databases where the first and the last name of individuals is stored separately. It combines the data into one cell. For example: If Cell A has John, and Cell B has Mathew, by using this function, Excel can display the name as John Mathew in Cell C (or wherever else the user wants).
Advantage: One does not need to sit and combine the data of different cells manually. This function eases that very purpose, making life easier for the user.
=concatenate (A1, ” “, B1)
Function #6: OR & AND:
The perfect companions of the IF function. They are both a part of the logical function family. ‘OR’ is used when you want the IF function to check one of the specified conditions. ‘AND’ is used when you want all the specified conditions to be checked before the result is popped up.
Advantage: Using these two functions can really make you a true champ of Excel and help you spread your smartness while doing the rounds in Excel. Both the functions can help you increase productivity during your working hours.
=AND(Condition 1, Condition 2, Condition 3…..Condition n)
=OR(Condition 1, Condition 2, Condition 3…..Condition n)
Function #7: Rank:
So, you have a lot of people who have to be paid out bonus on the basis of their performance. This is where the Rank function will play up, coming to your rescue in a matter of seconds. All your data is ranked according to your needs, in a jiffy. An ideal addition to your kitty of formulas.
Advantage: You’re saved from arranging cumbersome figures according to their ranks. As data tends to get more and more complex, you can use a combination of formulas to arrive at the final result which can be ranked with the use of the Rank function. With the Rank function, all of it is done without a hitch.
= RANK( number, array, [order] )
Function #8: Match:
If you have a large set of data and want to match a particular value with a value of your choice, you can use the Match function. It will return the position of the value within a given set of data.
Advantage: It does not distinguish between upper and lower case so it becomes an ideal function to match data with different cases as well.
=MATCH (lookup_value, lookup_array, [match_type])
Function #9: IFERROR:
Another deviant of the IF function, the IFERROR will perform a pre-defined function if there is an error in the formula. If not, then the result will be popped up.
Advantage: This is an ideal way to get rid of the patented #N/A error which is often displayed in Excel at the time of entering a wrong formula.
Function #10: Duplicate:
In a given set of data, there is a huge possibility to have a large number of recurring data which may often act as an hindrance when it comes to vouching for the accuracy. In order to combat this problem and remove duplicates, you can use the Duplicate function in the data tab. Highlight the data you want to check for duplicates and click on the Duplicate function which will check for recurring content and remove it as well.
Advantage: You don’t need to manually check the content for any kind of recurring duplicates. Such duplicate content can harm the accuracy of the data during the analysis stage.
These were some of the top 10 most useful excel formulas which every Excel user should master. Not only such formulas give inkling into the expertise used in the designing of Excel, but these formulas are created to bring the real calculative capabilities to the fore. So what are you waiting for? Start typing and get rolling if you want to really become the ultimate champ of Excel. These formulas are your sure shot road to success.