Introduction:
Microsoft Excel is a software that you can use to organize data and also use it to perform mathematical calculations quickly. At its core, Excel
is a table consisting of rows and columns and uses a spreadsheet to display data.
Excel is used in real world data analysis in various ways for example:
Business analysts: Clean and organise raw data, perform exploratory analysis, create pivot tables, and turn numbers into insights that support business decisions and strategy discussions.
Finance and accounting professionals: Manage budgets, track expenses, build financial models, reconcile accounts, and automate recurring reports to improve accuracy and save time.
Marketing analysts: Analyze campaign performance, track conversions and ROI, segment customers, and spot trends in customer behaviour using dashboards and data summaries.
Examples of excel formulas learned so far and and how they can be applied:
- AVERAGE() The AVERAGE() function calculates the average of selected cells. An example is shown below:
2.MIN() and MAX()
The MIN() function requires a range of cells, and it returns the minimum value. As illustrated in an example below:
3.VLOOKUP() and HLOOKUP()
The VLOOKUP() function searches for the value in the leftmost column of the table array and returns the value from the same row from the specified columns. As illustrated below:
Excel Formulas are essential because:
Efficiency: They automate repetitive tasks, saving time and reducing manual errors.
Data analysis: Excel's range of formulas enables sophisticated data analysis, crucial for informed decision-making.
Accuracy: Formulas ensure consistent and accurate results, essential in fields like finance and accounting.
Personal reflection:
Personally having learned the basics of excel in computer packages helped me manage simple tasks, delving deeper now in Excel has unlocked whole new possibilities and has changed how I see data in the following ways:
Using tools such as pivot tables, charts etc. one can search for trends over time, outliers and anomalies, correlations between variables and seasonal patterns.
One can also begin to tell stories with data and start asking questions such as what is the key message and what action should be taken based on this information.
And finally data becomes something you can organize and analyze. After learning Excel, you start seeing data as rows, columns, categories, and relationships that can be sorted, filtered, and summarized.
Top comments (3)
Nice article.
The use of visualization was the icing on the cake, but the cake was a bit rushed. Some steps are missing and they would have connected your story quite well. I began by reading about what is excel then we skipped to where is excel used. Finally you covered a few examples and closed with a personal reflection. I really hope the next article will be indepth so that I can read it over and over again.
Thank you Leslie