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Excel is a widely used organization for data analysis. It provides numerous tools, functions, and formulas to analyze and use the data for further study.
Here are 5 functions of Excel that you must know for data analysis.
Lookup Function
The lookup function refers to the Vertical and Horizontal lookup, i.e. VLOOKUP and HLOOKUP. The function is to find the required information from vast data entries. All you need to do is type in the syntax, select the cell references, and you have the required information. It also enables you to find your query's exact or approximate match.
Iferror Function
The iferror function is again a powerful function in Excel and is used widely in data analysis. When applying a function or formula, the cells often display an error such as #value. The reasons for this error could range from unavailable data to unidentifiable cells and so on. To avoid displaying such errors in the analysis sheet, we use the iferror function of Excel. It provides Excel with the command to display the result as calculated by a formula and display it as commanded in case of error.
Statistical Functions
Data analysis purely involves the usage of statistical functions and tools. Therefore, to run data analysis in Excel, it is essential that you have a basic knowledge of Excel's statistical functions like mean, mode, median, standard deviation, skewness, min-max, etc.
Sort and Filter Function
While analyzing data, be it on Excel or any other platform, it is essential that you organize the data in an appropriate manner to obtain the best results. Similarly, sorting and filtering data plays a critical role in conducting data analysis in Excel. All you need to do is select the data, go to the data tab and apply filters or sort the data as per your requirement.
Table Function
A table in Excel makes it easy to understand, sort, filter and analyze the data. A table in Excel could be a simple dynamic table or a pivot table; it depends on the need of the hour. At the same time, a simple table makes the data dynamic and also makes it easier to draw charts. A Pivot table helps to create data by combining different fields as rows and columns.
When it comes to data analysis, Excel is the most straightforward application. But still, you need to be familiar with some basic functions and formulas of Excel. Use the above functions to analyze your data, and let us know in the comments section how this article helped you.
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