Understanding formulas is the first step in using Excel. Did you know that it offers multiple functions that can make your professional life much easier? If you are a professional business analyst or aspire to become one, this blog post is for you.
There are certain formulas in Excel that are specially meant for business analysis, and it is critical that you understand them to do well in your profession. Let’s dive in and look at the top excel formulas business analysts should know about.
Top 5 Excel Formulas Business Analysts Must Know
1. VLOOKUP Formula
Vertical Lookup, often known as VLookup, allows users to look up particular values inside columns. It allows users to integrate the data into two separate excel sheets.
Here is the formula for using VLOOKUP:
=VLOOKUP (lookup_value, table_array, col_index_num, [range_lookup])
2. SUMIFS Formula
The SUMIFS Formula allows users to get the total of a set of values meeting specific requirements. It eliminates the need for manual selections and mass filtering.
Here is the formula for using SUMIFS:
=SUMIF(range, criteria, [sum_range])
3. COUNTIFS Formula
The COUNTIFS function in Excel is a predefined function for counting cells in a range depending on a single or more true or false condition. If a range contains a particular number, it gives you the total number of cells in that range.
Here is the formula for using COUNTIFS:
=COUNTIFS(criteria_range1, criteria1, [criteria_range2, criteria2]
4. IF Formula
The IF formula assists business analysts in daily decision-making. It performs a logical test returning one value if the result is TRUE and another value if the result is FALSE.
Here is the formula for using IF:
=IF(logical_test, [value_if_true], [value_if_false])
5. SUBTOTAL Formula
As the name indicates, the SUBTOTAL Formula is used by business analytics to calculate the subtotal values in the specified range of cells. It allows users to calculate the average, add the number of cells in a range, and do addition.
Here is the formula for using SUBTOTAL:
=SUBTOTAL(function_num, ref1, ref2,…)
Final Word
Many business analysts use Excel to analyze relatively smaller data clusters. Using the formulas mentioned in this blog post, you can arrive at figures quickly and manage data clusters well. If you require assistance with digital dashboards, visit Biz Infograph today.
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