Top 5 Excel Formulas For Data Analysts

Excel has 450+ formulas for data analysis. It’s hard to remember them all. It’s even harder to think of the most suitable formula that fits your analysis at any instant. 

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That’s why you need a little cheat sheet containing the most important formulas that can help you break down any complex dataset and find valuable insights. 

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In this blog, I’ve compiled 5 such formulas that every data analyst needs to filter desired results from Excel. 

Top Excel Formulas For Data Analysis 

You can’t analyze data in Excel without functions and formulas. Here are the most important ones for big data analysis. 

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MAX and MIN functions are pretty straightforward. As the name implies, MAX provides the largest number, and MIN will find the smallest number through the selected range. 

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Syntax

= MAX(range)

Example

= MAX(B2:B9) will return the maximum value in cells B2 through B9.

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Syntax

=MIN(range)

Example

=MIN(B2:B9) will return the minimum value in cells B2 through B9.

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2. IF & IFS

Both IF and IFs are conditional operations. They return different values based on specific conditions. The IF function checks whether a value is ‘true’ or ‘false.’ It returns one value if it’s true and another if it’s false.

Syntax=IF(logical_test, value_if_true, value_if_false)

Example=IF(B2 > 30, "Yes", "No") will return "Yes" if the value in cell B2 is greater than 10 and "No" if it's not.

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The IFS function is one of the top formulas for data analysis. It evaluates multiple conditions and returns value based on the first true condition. It’s a better way to handle multiple conditions as compared to the nested IF function.  

Syntax: =IFS(logical_test1, value_if_true1, logical_test2, value_if_true2, ...)

Example=IFS(B2>30,"High",B2>20,"Medium",B2>0,"Low",B2<=0,"Negative") will return "High" if B2 is greater than 30, "Medium" if B2 is greater than 20, "Low" if B2 is greater than 0, and "Negative" if B2 is less than or equal to 0.

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3. SUM, SUMIF & SUMIFS

SUM performs mathematical addition. It provides the total of a selected range of cell values.

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Syntax

=SUM(range)

Example

=SUM(B2:B9) will calculate the sum of the values in cells B2 through B9.

The SUMIF function allows you to add up values in a range that meets a specific condition. 

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Syntax

=SUMIF(range, criteria, [sum_range])

Example

=SUMIF(B2:B9, ">10") will sum all values in the range B2:B9 that are greater than 10.

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The SUMIFS function is used for more advanced conditional summing. It sums values based on multiple criteria, allowing you to specify different conditions for different criteria.

Syntax=SUMIFS(sum_range, criteria_range1, criteria1, [criteria_range2, criteria2], ...)

Example=SUMIFS(B2:B9,A2:A9,"Support Activities for Animal Production",C2:C9,">2000") will sum the values in the range B2:B9 where the corresponding values in A2:A9 are “Support Activities for Animal Production” and the corresponding values in C2:C9 are greater than 2000.

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4. COUNT, COUNTIF, & COUNTIFS

The COUNT function is used to count the number of cells that contain numeric values in a given range. It doesn’t take any specific criteria into account; it counts all numeric values. 

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Syntax

=COUNT(range)

Example

=COUNT(B2:B9) will count the number of numeric values in the range B2:B9

The COUNTIF function lets you count a specific number of cells in a range that meets a specific criteria. 

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Syntax

=COUNTIF(range, criteria)

Example

=COUNTIF(B2:B9, "<20") will count the number of cells in the range B2:B9 that contain values less than 20.

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The COUNTIFS function lets you count cells based on multiple conditions. 

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Syntax

=COUNTIFS(range1, criteria1, [range2, criteria2], ...)

Example

=COUNTIFS(B2:B9, ">30", A2:A9, "Support Activities for Animal Production") will count the cells in the range B2:B9 where the corresponding values in A2:A9 are "Support Activities for Animal Production" and the values in B2:B9 are greater than 30.

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5. LEN 

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The LEN function is used to count the number of characters in a text string, including letters, numbers, punctuations, and spaces.

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Syntax

=LEN(text)

Example

=LEN(A7) will return 12, as there are 12 characters in the A7 i.e "CONSTRUCTION".

1. TRIM

The TRIM function is used to clean up data by removing the extra spaces from the text strings. The goal is to make the text visually appealing and easier to work with. 

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In conclusion, mastering these top five Excel formulas can dramatically enhance your data analysis capabilities. Whether you're merging data, summarizing large datasets, or conducting complex conditional analyses, these tools are indispensable for any data enthusiast. By incorporating these formulas into your workflow, you'll not only save time but also uncover insights that can drive strategic decisions. Embrace these techniques to transform raw data into meaningful information and take your Excel skills to new heights.

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