Excel Functions and Their Purposes in Data Analysis and Management

This assignment explores the various functions available in Microsoft Excel and their diverse applications. It begins by defining Excel functions as formulas that perform calculations based on specific values, highlighting their utility in storing, manipulating, and analyzing numerical data. The document then delves into the purposes of Excel functions, emphasizing their importance in financial data storage, data analysis, and data management. It describes how Excel functions facilitate simple mathematical processes, financial analysis, and the creation of graphs and tables. Furthermore, the assignment covers specific functions like the Lookup function for searching data, the Text function for formatting numeric outputs, and the Date function for date-related calculations. The content is supported by references to relevant literature, providing a comprehensive overview of Excel functions and their significance in data-driven tasks.

Running Head: EXCEL FUNCTIONS. 1
EXCEL FUNCTIONS AND PURPOSE
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EXCEL FUNCTIONS. 2
Excel functions and purposes.
An Excel function is a known formula that executes calculations by means of
particular values in a certain direction. Excel comprises of several collective functions that
can be used to immediately determine the median, means, mode, summations or total,
maximum and minimum value for an array of cells. Excel is used for storing, consolidating,
manipulating numbers and data. It is also used to assemble data into graph and tables
(Moriarty, 2018).
The purposes of excel functions.
Excel worksheets is very useful tool in storing financial data. The Excel worksheet
has functions and formulas that are very important in carrying out simple mathematical
processes such as finding totals in columns and rows of various figures, determining profit or
loss values in a worksheet, computing repayment schedule for loans or mortgages in a
worksheet and determining the mean, median, mode, summations or total, maximum and
minimum value for an array of cells.
Excel is an important tool in data analysis, it permits operators to analyse data in a
worksheet by means of numerous diverse formulas. The use of formulae in excel worksheet
enable the users to determine particular data information, stringing the data together,
appraising the data or conversion of data. The excel worksheet also execute complicated
calculations and financial analysis (Moriarty, 2018).
Excel spreadsheet has the capacity of analysing data into graphs by row, column or
group. Data can also be temporarily organised to allocate characteristics such as a colour to
cells within a specific range or specific value. Data can also be immediately organised and
filtered to give information of particular set of values or bring into line data in a particular
direction (Moriarty, 2018).

EXCEL FUNCTIONS. 3
The other important function of Excel is data management. Excel spreadsheet at its
simple level is used in management of data through simple data storage. The data is
stockpiled in worksheets in either rows, columns, groups or tables organised in different ways
including dates, money values or percentages.
The Lookup function is an in-built function in Excel that is regarded as a Lookup or
reference function. It is also used as a worksheet in Excel. The Lookup is used to search one
column of data and determine the data’s in the equivalent row. For instance, if the human
resource manager wants to look for a column of staff identity number, the Lookup function
can help in finding that staff identity in the identity column (Servera, et al., 2018).
Text is particularly beneficial when you want to insert the numeric output of a
formula or function and demonstrate it in a specific arrangement inside other text. For
instance, the previous year sales improved by over £3,000, whereby the number 3000 has
been arranged with symbol currency and separator of thousands (Moriarty, 2018).
The Date function is also an in-built function in Excel worksheet and it is considered
as a Date or Time Function. Date function which comprises the year, month and day brings
out a sequential number of a date established on the year, month and day values that one
stipulates. Date is very important function in excel spreadsheets (Moriarty, 2018). For
instance, to calculate the exact number of days within a particular known dates, then deduct
the previous date as the start date in cell A1 from the future date as end date in cell B1 (=B1-
A1).

EXCEL FUNCTIONS. 4
References
Moriarty, B. H. (2018). Microsoft Excel Functions and Formulas. Stylus Publishing, LLC.
Servera, J. V., Alonso, L., Martino, L., Sabater, N., Verrelst, J., Camps-Valls, G., & Moreno,
J. (2018). Gradient-Based Automatic Lookup Table Generator for Radiative Transfer
Models. IEEE Transactions on Geoscience and Remote Sensing, 99, 1-9.