INTRODUCTION
Microsoft Excel is a program that is used to organize, calculate and analyze data. It's significant in data analysis, financial management, project management and automating tasks.
Merits of Excel
Provides tools for data cleaning and formatting your work
Has in-built functions for statistical analysis for instance: average, sum and count
Can be used to build predictive models for instance, linear regression.
It is cost effective.
It is easy to use and it is accessible.
Demerits of Excel
Poses a challenge in analyzing a real time unstructured data and semi-unstructured data.
It does not update data. The data in excel remains stale.
It does not foster collaboration among teams since excel workbooks are stored locally, only accessed by an individual.
It is prone to human errors.
Role of Excel in Making Data-Driven Business Decisions
Presence of Pivot tables for data summarization of data thus new insights can be drawn based on the data displayed.
There is conditional formatting data that can highlight key trends.
Allows data visualization with charts and graphs like bar charts, pie charts and line graphs.
Has advanced functions for deep analysis.
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