Different Data Analysis Functions In Excel

Almost every big and small accounting firm uses Excel as a very powerful data analysis tool. There are at least hundreds of functions in excel which are used for data analysis. We should know how to use the right feature to get right data analysis.

Here are some of the simple yet powerful features of excel to use to analyse data.

• Sort – This feature is used to sort excel data on one or multiple columns in ascending or descending order.
• Filter: if you only want to display record which meets with the certain criteria then you can use this feature.
• Conditional Formatting: It helps you to highlight cells with certain color, depending upon the value of cells.
• Charts: It is very easy to create chart to display more than a sheet full of numbers.
• Tables: Analyse excel data quickly and easily with the help of this feature.
• PivotTables: The most powerful feature of excel if PivotTable. It allows you to extract substantial data from large dataset.
• What-If Analysis – It allows users to try out different values for scenarios for formulas.
• Solver: It uses techniques from operations research to find optimal solutions for all kinds of decision problems.
• Analysis ToolPak : It is an add-in program that provides data analysis tool for statistical, financial, and engineering data analysis.
• Data Model : It is used to integrate data from multiple tables in the current workbook or from the imported data or from the data sources connected to the workbook through data connections.
• Formulas – Here are some list of formulas that an excel data analyst frequently uses.
  • CONCATENATE
  • LEN
  • COUNTA
  • DAYS/NETWORKDAYS
  • SUMIFS
  • AVERAGEIFS
  • VLOOKUP
  • FIND/SEARCH
  • IFERROR
  • COUNTIFS
  • LEFT/RIGHT
  • RANK
  • MINIFS
  • MAXIFS
  • SUMPRODUCT