In Microsoft Excel, formulas are expressions that modify the values stored in a group of cells. Despite the fact that these formulas can result in some inaccuracies, Microsoft Excel formulas are extremely efficient in performing various operations such as addition, subtraction, multiplication, and division. Microsoft Excel also allows users to work with date and time variables, averages, percentages, and much more.

An Overview of Excel Formulas

Excel formulas are easy to use and can be accessed by adhering to the following simple steps:

• Select a cell.

• Enter the equal symbol (=) by clicking on the cell.

• Choose a cell from the list, or enter the address of a cell in the currently selected cell.

• Type in an operator.

• Enter the address of the following cell in the selected cell.

• Click Enter.

In modern times, Excel formulas and functions are used interchangeably, despite being distinct entities. An Excel formula always begins with an equal sign, whereas Excel functions are capable of performing complex calculations that cannot be done manually. It should be noted that function names in Excel dictate how they should be utilized.

In this Paper

This article will delve into the literature surrounding the use of the SUM, SUMIF, SUMIFS, SUMPRODUCT, INDEX, and MATCH functions in business settings to carry out specific processes. It will explore the characteristics and capabilities of these six functions employing examples of how they are utilized. In conclusion, using examples of a small grocery shop and the ranked population of the United States, it will investigate how these functions can aid in resolving problems.

SUM Function – Syntax and Usage

The SUM function is used to add values and is expressed as follows: =SUM(number1,[number2],...). Values can be added using the SUM function by including specific values, cell references, specific ranges, or a combination of all three. Here is an example of how to use the SUM function to add cell ranges: =SUM(F6:F13).

Guidelines for using the function are as follows:

• The arguments may include numeric values, arrays, cell references, constants, ranges or the output of other formulas or functions.

• When providing a range of cells, only the first range (cell1: cell2) is mandatory.

• The output is numerical and displays the total of the input values.

• The combined value of the given arguments should not exceed 255.

• Note: If the provided criterion is a text string that exceeds 255 characters, the SUM function returns the "#VALUE!" error.

SUMIF Function – Syntax and Usage

The SUMIF function is used to add selected numbers in a chosen range. For instance, if you only want to add the items delivered by Mike and John, you would utilize the SUMIF function twice, as shown below:

=SUMIF(E7:E14;"Mike";F7:F14)+SUMIF(E7:E14;"John";F7:F14)

Guidelines on how to use the function are as follows:

• Use SUMIF(range, criteria, [sum_range])

• The range indicates the cells you wish to search.

• Criteria are the conditions you want to use to choose which cells to sum.

• Sum_Range is an optional argument, indicating the range of values to sum if different from the range searched.

SUMIFS Function – Syntax and Usage

The SUMIFS function is used to sum values that match multiple criteria. You can use AND or OR as logical operators while using this function. Here's an example of the syntax:

=SUMIFS(Sum_Range, Criteria_Range1, Criteria1, Criteria_Range2, Criteria2...)

Sum_Range - The range of cells to summarize.

Criteria_Range1 - The first range where you want to apply criteria1.

Criteria1 - The criteria to use for adding up numbers.

Criteria_Range2 - The second range where you want to apply criteria2.

Criteria2 - The second criterion to be used in adding numbers.

SUMPRODUCT Function – Syntax and Usage

The SUMPRODUCT function is utilized to calculate the sum of the products of various cell ranges. The function formula is expressed as follows: =SUMPRODUCT(Array1,[Array2]…)

Arrays are two or more ranges that you multiply together element by element. Note the following guidelines:

• The function returns zero when all elements are zero.

• When all elements are non-zero, the function returns a nonzero value.

INDEX Function – Syntax and Usage

The INDEX function returns the value at a particular location in an array or a reference. Array form and reference form are two methods to use the function.

Array form.

=INDEX(array, row_num, [column_num])

Returns the value at the intersection of the range of rows and columns, specified by row_num and column_num.

Reference form.

=INDEX(reference, row_num, [column_num], [area_num])

Returns the value at the intersection of a row and a column from various areas in a range or an array.

MATCH Function – Syntax and Usage

The MATCH function returns the position of a specified item in a specified range. Here's the syntax for the function:

=MATCH(lookup_value, lookup_array, [match_type])

Lookup_value - The value you want to search.

Lookup_array - The range of cells you want to search.

Match_type - A value that indicates how the function should proceed with the match:

• 0 or omitted matches only with the exact value.

• 1 or -1 matches with the nearest smallest or largest value.

• 2 matches with the nearest match when the lookup_array value is sorted in ascending order.

INDEX and MATCH Combined

You can use the INDEX and MATCH functions together to return a specific cell. Use the MATCH function to obtain the required row or column's index and the INDEX function to retrieve the value of the cell intersection. The formula is expressed as follows:

=INDEX(array, MATCH(lookup_value, lookup_array, [match_type]), [column_number])

Conclusions

Excel formulas continue to be a powerful tool to facilitate decision-making and data analysis across various industries. The six functions highlighted in this paper, SUM, SUMIF, SUMIFS, SUMPRODUCT, INDEX, and MATCH, are just a few examples of the capabilities of Excel functions. With various examples provided, this paper has demonstrated how the functions can be used in practice across multiple business settings.

References

- Excel Help

- Business Insider

Note: Use double quotation marks (") to surround logic or mathematical symbols in any text-based or symbol-based criteria. The use of double quotation marks is not necessary for numerical criteria.

The SUMIFS function is used to add up all inputs that meet multiple requirements. For example, to calculate the number of apples supplied by Pete, use =SUMIFS(F6:F13;D6:D13;"Apples";E6:E13;"Pete").

The SUMPRODUCT function calculates the sum of products from related ranges or arrays. The default operation is multiplication, but addition, subtraction, and division are also possible. For example, enter =SUMPRODUCT (E6:E13;G6:G13) to get the total cost of groceries.

The INDEX function is a powerful tool for Excel calculations. It returns the value from a specific point in a range using column and row numbers.

There are two ways to use the INDEX function: array form and reference form. The array form requires one array constant or a set of cells, while the reference form references a cell range or cell ranges.

The MATCH function is used to find a match in a given range. It returns the position of the matching value in the range.

The syntax for the MATCH function includes several arguments. The first argument, lookup_value, is required and represents the value in the lookup array that needs to be matched. For example, when searching for a person's phone number in a phone book, we use their name as the lookup value even though we're looking for their phone number. The lookup value can be a value, reference, number, text, or logical value.

The second required argument is lookup_array, which refers to the range of cells being searched. The optional third argument, match_type, can be set to -1, 0, or 1 to specify how Excel matches lookup_value with the values in lookup_array. The default value for this argument is 1.

Combining the INDEX and MATCH functions creates a handy tool for table data extraction. By using row and column numbers, INDEX finds the lookup value, while MATCH identifies these positions. The indexes are then nested inside the MATCH function. For performing a vertical lookup, the MATCH function is used to get the row number, and the column range is directly provided to the INDEX function by using the formula INDEX (column, MATCH(lookup value, column against which to lookup, 0)).

Excel is a leading spreadsheet tool used to store, organize, and analyze data. It has grown to become the most important computer program in businesses worldwide since its introduction in 1985. Excel specialists are an asset to any business function in any industry.

The task at hand is to rephrase the entire text in improved language and make it unique while keeping it natural. All resulting text must be in English. The following are the sources that need paraphrasing:

Corporate Finance Institute. (n.d.). Index Match Formula. [online] Available at: https://corporatefinanceinstitute.com/resources/excel/index-match-formula-excel/.

Rosenberg, E. (2019). The Importance of Excel in Business. [online] Investopedia. Available at: https://www.investopedia.com/articles/personal-finance/032415/importance-excel-business.asp.

Corporate Finance Institute. (n.d.). Index Match Formula. [online] Available at: https://corporatefinanceinstitute.com/resources/excel/index-match-formula-excel/.

www.excel-easy.com. (n.d.). INDEX and MATCH in Excel. [online] Available at: https://www.excel-easy.com/examples/index-match.html.

exceljet.net. (n.d.). How to use INDEX and MATCH. [online] Available at: https://exceljet.net/articles/index-and-match.

In modern business operations, Microsoft Excel's capabilities and functionalities, specifically in the area of data analysis, have made it an essential tool for many professionals. This has led to the increased use of various Excel formulas and functions, including the Index Match formula.

The correct use of the Index Match formula can significantly improve data accuracy and reliability. It allows users to retrieve data from a table by searching for it through both row and column references, making it a more flexible option than the commonly used Vlookup formula.

To effectively utilize this formula, one needs to have a firm grasp of its syntax and parameters. Several resources are available online to help users understand and apply the Index Match formula. These include websites such as the Corporate Finance Institute, excel-easy.com and exceljet.net.

In conclusion, businesses must utilize tools that allow for accurate and efficient decision-making. Excel, with its array of functions, including the Index Match formula, is an indispensable aid to professionals worldwide.