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Important Excel Formulas you must know

Posted on June 10, 2023
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Are you tired of constantly Googling Excel formulas whenever you need to perform tasks like creating an IF formula or applying conditions? If so, you’ve come to the right place.

Excel Formulas and comprehensive guide
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Excel is a powerful tool widely used by professionals for various tasks.

Understanding and leveraging Excel formulas is essential for optimizing data analysis, managing projects efficiently, and streamlining operational processes.

This comprehensive collection of Excel formulas covers a wide range of functions, empowering users to perform complex calculations, manipulate data, and extract valuable insights.

The list of formulas includes essential functions such as SUM, AVERAGE, COUNT, MAX, MIN, COUNTIF, and SUMIF. These formulas enable analysts to summarize data, calculate averages, identify patterns, and perform conditional calculations. Additionally, functions like VLOOKUP, HLOOKUP, INDEX, and MATCH assist in searching and retrieving specific data from large datasets, improving data accessibility and analysis accuracy.

By utilizing this comprehensive collection of Excel formulas professionals can unlock the full potential of Excel, enhancing their productivity, accuracy, and decision-making capabilities.

For added convenience, consider printing out this comprehensive list of Excel formulas and placing it in front of your desk.

Having it readily available will save you from the hassle of searching on Google every time you need to analyze data or perform calculations. With this handy reference, you can quickly find the right formula for the task at hand, boosting your productivity and streamlining your data analysis process.

Data Analysis Formulas:

FormulaDescriptionSample Formula
SUMCalculates the sum of a range of cells=SUM(A1:A10)
AVERAGECalculates the average of a range of cells=AVERAGE(A1:A10)
COUNTCounts the number of cells in a range=COUNT(A1:A10)
MAXReturns the maximum value in a range=MAX(A1:A10)
MINReturns the minimum value in a range=MIN(A1:A10)
COUNTIFCounts the number of cells that meet a criteria=COUNTIF(A1:A10,”>10″)
SUMIFSums the cells that meet a criteria=SUMIF(A1:A10,”>10″)
AVERAGEIFCalculates the average of cells that meet a criteria=AVERAGEIF(A1:A10,”>10″)
VLOOKUPSearches for a value in the first column of a range and returns a corresponding value in another column=VLOOKUP(A1,B1:C10,2,FALSE)
HLOOKUPSearches for a value in the first row of a range and returns a corresponding value in another row=HLOOKUP(A1,B1:E10,2,FALSE)
INDEXReturns the value of a cell in a specified row and column of a range=INDEX(A1:D10,2,3)
MATCHSearches for a value in a range and returns its relative position=MATCH(A1,B1:B10,0)
CONCATENATEJoins multiple text strings into one=CONCATENATE(A1,” “,B1)
LENCalculates the number of characters in a text string=LEN(A1)
LEFTExtracts a specified number of characters from the start of a text string=LEFT(A1,5)
RIGHTExtracts a specified number of characters from the end of a text string=RIGHT(A1,5)
MIDExtracts a specified number of characters from a text string, starting at a specified position=MID(A1,3,5)
UPPERConverts text to uppercase=UPPER(A1)
LOWERConverts text to lowercase=LOWER(A1)
PROPERConverts the first letter of each word in a text string to uppercase and the rest to lowercase=PROPER(A1)
TRIMRemoves leading and trailing spaces from a text string=TRIM(A1)
IFPerforms a logical test and returns one value if the test is true and another value if the test is false=IF(A1>10,”Yes”,”No”)
ANDChecks if all arguments are TRUE and returns TRUE if they are=AND(A1>5,A1<10)
ORChecks if any argument is TRUE and returns TRUE if at least one is=OR(A1>5,A1<10)
NOTReverses the logical value of its argument=NOT(A1=10)
IFERRORReturns a value if a formula results in an error, otherwise returns the result of the formula=IFERROR(A1/B1,”Error”)
ROUNDRounds a number to a specified number of decimal places=ROUND(A1,2)
ROUNDUPRounds a number up to a specified number of decimal places=ROUNDUP(A1,0)
ROUNDDOWNRounds a number down to a specified number of decimal places=ROUNDDOWN(A1,0)
RANDReturns a random number between 0 and 1=RAND()
RANKReturns the rank of a number in a list of numbers=RANK(A1,A1:A10,1)

Project Management Formulas:

FormulaDescriptionSample Formula
TODAYReturns the current date=TODAY()
NOWReturns the current date and time=NOW()
NETWORKDAYSCalculates the number of working days between two dates, excluding weekends and specified holidays=NETWORKDAYS(A1,A2,A3:A10)
DATEDIFCalculates the difference between two dates in years, months, or days=DATEDIF(A1,A2,”Y”)
PMTCalculates the monthly payment for a loan=PMT(A1,A2,A3)
NPVCalculates the net present value of an investment=NPV(A1,A2:A10)
IRRCalculates the internal rate of return for a series of cash flows=IRR(A1:A10)
MIRRCalculates the modified internal rate of return for a series of cash flows=MIRR(A1:A10,A11,A12)
PMTCalculates the payment for a loan=PMT(A1,A2,A3)
VLOOKUPSearches for a value in the first column of a range and returns a corresponding value in another column=VLOOKUP(A1,B1:C10,2,FALSE)
HLOOKUPSearches for a value in the first row of a range and returns a corresponding value in another row=HLOOKUP(A1,B1:E10,2,FALSE)
INDEXReturns the value of a cell in a specified row and column of a range=INDEX(A1:D10,2,3)
MATCHSearches for a value in a range and returns its relative position=MATCH(A1,B1:B10,0)
OFFSETReturns a range reference offset from a starting cell by a specified number of rows and columns=OFFSET(A1,2,3,5,2)
INDIRECTReturns the value of a cell specified by a text string=INDIRECT(“Sheet1!A1”)
COUNTIFSCounts the number of cells that meet multiple criteria=COUNTIFS(A1:A10,”>10″,B1:B10,”<20″)
SUMIFSSums the cells that meet multiple criteria=SUMIFS(A1:A10,B1:B10,”<10″,C1:C10,”>5″)
AVERAGEIFSCalculates the average of cells that meet multiple criteria=AVERAGEIFS(A1:A10,B1:B10,”<10″,C1:C10,”>5″)

Operations Formulas:

FormulaDescriptionSample Formula
IFERRORReturns a value if a formula results in an error, otherwise returns the result of the formula=IFERROR(A1/B1,”Error”)
IFNAReturns a value if a formula results in #N/A error, otherwise returns the result of the formula=IFNA(A1/B1,”Not available”)
IFBLANKReturns a value if a cell is blank, otherwise returns the cell value=IFBLANK(A1,”Blank”)
CHOOSEReturns a value from a list of values based on a specified index=CHOOSE(A1,”Red”,”Blue”,”Green”)
SUBSTITUTEReplaces a specified text in a text string with another text=SUBSTITUTE(A1,”old”,”new”)
TEXTConverts a value to text using a specified format=TEXT(A1,”0.00″)
CONCATENATEJoins multiple text strings into one=CONCATENATE(A1,” “,B1)
REPLACEReplaces part of a text string with another text string=REPLACE(A1,3,5,”Hello”)
REPTRepeats a text string a specified number of times=REPT(“Hello”,3)
SEARCHFinds one text string within another (case-insensitive)=SEARCH(“apple”,”I have an Apple”)
FINDFinds one text string within another (case-sensitive)=FIND(“apple”,”I have an Apple”)
LEFTExtracts a specified number of characters from the start of a text string=LEFT(A1,5)
RIGHTExtracts a specified number of characters from the end of a text string=RIGHT(A1,5)
MIDExtracts a specified number of characters from a text string, starting at a specified position=MID(A1,3,5)
UPPERConverts text to uppercase=UPPER(A1)
LOWERConverts text to lowercase=LOWER(A1)
PROPERConverts the first letter of each word in a text string to uppercase and the rest to lowercase=PROPER(A1)
TRIMRemoves leading and trailing spaces from a text string=TRIM(A1)
CLEANRemoves non-printable characters from a text string=CLEAN(A1)
VALUEConverts a text string that represents a number to a number=VALUE(A1)
TRUNCTruncates a number to a specified number of decimal places=TRUNC(A1,2)
INTRounds a number down to the nearest integer=INT(A1)
MODReturns the remainder after division=MOD(A1,B1)

To explore and discover more Excel formulas, please check out this website https://exceljet.net/formulas

As part of my daily routine, I frequently rely on the aforementioned formulas. In an effort to promote best practices, I have decided to share them here with you. These formulas have proven to be highly useful in various scenarios, and I hope they will be of great assistance to you as well.

Once again, thank you so much for taking the time to read this article. For more content on Project and Operations Management and best practices, I encourage you to explore my other articles here at Project Insights – for best practices and real project experience (projinsights.com)

Your comments and feedback are always welcome and appreciated.

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