Excel is a grid-based spreadsheet application developed by Microsoft for organizing, analyzing and storing data. Excel is very dynamic and provides users with a variety of functions allowing them to perform calculations using formulas, visualise data through charts and pivot tables and manage large datasets. It is used widely for business, finance and personal use alike.
One of the main uses of excel is data entry and data storage where users can store raw data over a period of time and from which they can be able to automate complex calculations, visualise trends and analyze data to get insights. An example of use of excel is a restaurant keeping a record of their daily sales from which they can be able to get insights of their revenue, profit margins, best selling meals, weekly and monthly sales. The analysis can then be used by management to make crucial decisions based on trends. Below is a an example of an excel worksheet which shows a record of sales in a few restaurant chains.
Excel uses arithmetic expressions which are formulas that calculate numerical values using basic operators like + (add), - (Subtract), * (Multiply), / (Divide). Every formula must begin with an equal sign (=) which enables you to use both raw numbers and cell references. Cell reference refers to the column number followed by the row number with no space in between (A1) which would refer to the first column and the first row and it is Order ID according to the spreadsheet above. To get more insights from large datasets it is possible to use Math functions like MIN, MAX, SUM, AVERAGE.
Excel Math functions have syntax which always starts with an equals sign and includes a range of cells which can be easily highlighted e.g =AVERAGE(D1:D28) which returns the mean of column D. =MAX(E1:E28) would bring back the highest number in the Quantity column which indicates the largest value and it the product the most sales.
Apart from arithmetic functions one can also create pivot tables and pivot charts from the worksheet which are useful in visualising trends that are clear to all stakeholders. Below is an example of a line chart derived from the dataset above and it visualises how increase in price items leading to a sharp decline in items sold as the price increases past 20β¬.
Learning excel thus far, has been eye opening after seeing how an easily accessible tool can be so useful and powerful in various ways depending on the end-users needs which can range from personal use to small business and even financial institutions.
Top comments (1)
Great work. I like how you connected Excel to real-world tasks like business decisions and tracking performance.