Excel Cheat Sheet Formulas for Data Analysis

Here are 17 Excel cheat sheet formulas commonly used for data analysis.

If you are a beginner in data analysis, Excel is one of the basic tools you need to learn and master. And no… I am not talking about Excel VBA but simple formulas that help you to conduct data analysis.

Coming from an analysis background, I know all too well what formulas are commonly used especially when it comes to data cleaning and formatting. 

In this post, I will be introducing a total of 17 Excel formulas you need to know. 

This article highlights 17 Excel Cheat Sheet Formulas.

1. SUM

The SUM function adds up a range of cells. It is one of the most fundamental and widely used functions in Excel, crucial for any task involving numerical data aggregation, such as totaling sales figures, calculating expenses, or summarising data sets.

Syntax Explanation:

=SUM(number1, [number2], …)

• number1, [number2], …: The numbers or ranges to sum.

Advanced Usage:

1. Dynamic Ranges: Use OFFSET or INDIRECT with SUM to create dynamic ranges that update based on your data.
   
   =SUM(OFFSET(A1, 0, 0, COUNTA(A:A), 1))

2. Array Formulas: Sum only certain values within an array based on conditions.
   
   =SUM(IF(A1:A10>5, A1:A10, 0))  // Array formula, press Ctrl+Shift+Enter

2. AVERAGE

The AVERAGE function calculates the mean of a group of numbers. It is essential for understanding the central tendency of your data, such as average sales, grades, or measurements.

Syntax Explanation:

=AVERAGE(number1, [number2], …)

• number1, [number2], …: The numbers or ranges to average.

Advanced Usage:

1. Conditional Averages: Use AVERAGEIF or AVERAGEIFS for conditional averages.

=AVERAGEIF(A1:A10, “>5”)

2. Weighted Averages: Calculate weighted averages using SUMPRODUCT.

=SUMPRODUCT(A1:A10, B1:B10) / SUM(B1:B10)

3. COUNT

The COUNT function counts the number of cells that contain numbers within a range. It is useful for understanding the quantity of numeric entries in a dataset, such as counting the number of sales transactions or survey responses.

Syntax Explanation:

=COUNT(value1, [value2], …)

• value1, [value2], …: The values or ranges to count.

Advanced Usage:

1. Count Non-Empty Cells: Use COUNTA to count non-empty cells, which can include text and dates.
   
   =COUNTA(A1:A10)

2. Conditional Counting: Combine with IF to count based on a condition.
   
   =COUNT(IF(A1:A10>5, A1:A10))  // Array formula, press Ctrl+Shift+Enter

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4. COUNTA

COUNTA counts the number of non-empty cells in a range. It is useful for counting all data entries, including text and numbers, which is helpful in many reporting and data-cleaning tasks.

Syntax Explanation:

=COUNTA(value1, [value2], …)

• value1, [value2], …: The values or ranges to count.

Advanced Usage:

1. Count Specific Types of Data: Combine with ISTEXT, ISNUMBER, etc., to count specific types of data.
   
   =SUM(IF(ISTEXT(A1:A10), 1, 0))  // Array formula, press Ctrl+Shift+Enter

2. Counting Non-Blanks in Specific Conditions: Use COUNTA with criteria.
   
   =COUNTA(A1:A10) – COUNTBLANK(A1:A10)

5. IF

The IF function performs a logical test and returns one value if true and another if false. It is essential for conditional calculations, data validation, and dynamic data analysis.

Syntax Explanation:

=IF(logical_test, value_if_true, value_if_false)

• logical_test: The condition to test.
• value_if_true: The value to return if the condition is true.
• value_if_false: The value to return if the condition is false.

Advanced Usage:

1. Nested IF Statements: Handle multiple conditions by nesting IF statements.
   
   =IF(A1>10, “High”, IF(A1>5, “Medium”, “Low”))

2. Combine with AND/OR: Use with AND/OR for more complex conditions.
   
   =IF(AND(A1>5, B1<10), “Yes”, “No”)

6. VLOOKUP

VLOOKUP searches for a value in the first column of a table and returns a value in the same row from a specified column. It is vital for looking up and retrieving data, such as finding prices for products.

Syntax Explanation:

=VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• lookup_value: The value to search for.
• table_array: The table to search within.
• col_index_num: The column number to return a value from.
• [range_lookup]: TRUE for approximate match, FALSE for exact match.

Advanced Usage:

1. Exact vs. Approximate Match: Understand the importance of the [range_lookup] parameter.
   
   =VLOOKUP(F1, A1:C10, 3, FALSE)

2. Dynamic Column Index: Use MATCH to dynamically determine the column index.
   
   =VLOOKUP(F1, A1:E10, MATCH(“ColumnName”, A1:E1, 0), FALSE)

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7. HLOOKUP

HLOOKUP searches for a value in the first row of a table and returns a value in the same column from a specified row. It is useful for horizontally oriented data lookups, like finding student scores across multiple tests.

Syntax Explanation:

=HLOOKUP(lookup_value, table_array, row_index_num, [range_lookup])

• lookup_value: The value to search for.
• table_array: The table to search within.
• row_index_num: The row number to return a value from.
• [range_lookup]: TRUE for approximate match, FALSE for exact match.

Advanced Usage:

1. Exact vs. Approximate Match: Similar to VLOOKUP, use [range_lookup] appropriately.
   
   =HLOOKUP(G1, A1:J3, 2, TRUE)

2. Dynamic Row Index: Combine with MATCH for a dynamic row index.
   
   =HLOOKUP(G1, A1:J10, MATCH(“RowName”, A1:A10, 0), FALSE)

8. INDEX

INDEX returns the value of a cell in a specified row and column within a range. It is powerful for more flexible lookups and can be used in combination with other functions like MATCH for dynamic data retrieval.

Syntax Explanation:

=INDEX(array, row_num, [column_num])

• array: The range to search within.
• row_num: The row number to look in.
• [column_num]: The column number to look in.

Advanced Usage:

1. Dynamic Ranges: Use with MATCH to create dynamic lookups.
   
   =INDEX(A1:C10, MATCH(G1, A1:A10, 0), 2)

2. Two-Dimensional Lookups: Retrieve data from a two-dimensional range.
   
   =INDEX(A1:C10, 4, 2)

9. MATCH

MATCH searches for a value in a range and returns the relative position of that value. It is often used with INDEX for advanced lookups and data retrieval.

Syntax Explanation:

=MATCH(lookup_value, lookup_array, [match_type])

• lookup_value: The value to search for.
• lookup_array: The range to search within.
• [match_type]: 0 for exact match, 1 for less than, -1 for greater than.

Advanced Usage:

1. Dynamic Indexing: Combine with INDEX for flexible lookups.
   
   =INDEX(A1:C10, MATCH(G1, A1:A10, 0), 2)

2. Approximate Matching: Use [match_type] for approximate matches in sorted data.
   
   =MATCH(H1, A1:A10, 1)

10. SUMIF

SUMIF adds the cells specified by a given condition or criteria, combining summation with conditional logic. It is ideal for tasks like summing sales from a specific region or time period.

Syntax Explanation:

=SUMIF(range, criteria, [sum_range])

• range: The range to apply the criteria.
• criteria: The condition to meet.
• [sum_range]: The range to sum.

Advanced Usage:

1. Multiple Criteria: Use SUMIFS for multiple conditions.
   
   =SUMIFS(B1:B10, A1:A10, “>5”, C1:C10, “<10”)

2. Using Wildcards: Use * and ? in the criteria for partial matching.
   
   =SUMIF(A1:A10, “Region*”, B1:B10)

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11. COUNTIF

COUNTIF counts the number of cells that meet a specified condition, useful for simple frequency counts, such as counting occurrences of a specific value or condition in a dataset.

Syntax Explanation:

=COUNTIF(range, criteria)

• range: The range to apply the criteria.
• criteria: The condition to meet.

Advanced Usage:

1. Multiple Conditions: Use COUNTIFS for multiple criteria.
   
   =COUNTIFS(A1:A10, “>5”, B1:B10, “<10”)

2. Using Wildcards: Use * and ? in criteria for partial matching.
   
   =COUNTIF(C1:C10, “A*”)

12. AVERAGEIF

AVERAGEIF calculates the average of cells that meet a given condition, useful for calculating conditional averages, such as the average sales of a particular product or in a specific region.

Syntax Explanation:

=AVERAGEIF(range, criteria, [average_range])

1. range: The range to apply the criteria.
2. criteria: The condition to meet.
3. [average_range]: The range to average.

Advanced Usage:

1. Multiple Criteria: Use AVERAGEIFS for multiple conditions.
   
   =AVERAGEIFS(B1:B10, A1:A10, “>5”, C1:C10, “<10”)

2. Using Functions in Criteria: Use functions within criteria for dynamic conditions.
   
   =AVERAGEIF(A1:A10, “>” & TODAY()-30, B1:B10)

13. SUMPRODUCT

SUMPRODUCT multiplies corresponding components in the given arrays and returns the sum of those products. It is versatile for various calculations, such as weighted averages and conditional sums.

Syntax Explanation:

=SUMPRODUCT(array1, [array2], …)

• array1, [array2], …: The arrays to multiply and sum.

Advanced Usage:

1. Conditional Sums: Use logical conditions within arrays.
   
   =SUMPRODUCT((A1:A10>5)*(B1:B10))

2. Weighted Averages: Calculate weighted averages directly.
   
   =SUMPRODUCT(A1:A10, B1:B10) / SUM(B1:B10)

14. LEFT

The LEFT function extracts a specified number of characters from the left side of a text string. It is useful for parsing data, such as extracting area codes from phone numbers or prefixes from codes.

Syntax Explanation:

=LEFT(text, [num_chars])

• text: The text string to extract from.
• [num_chars]: The number of characters to extract (default is 1).

Advanced Usage:

1. Extracting Fixed-Width Data: Use LEFT to parse fixed-width text fields.
   
   =LEFT(A1, 5)

2. Dynamic Character Extraction: Combine with FIND to extract variable lengths.
   
   =LEFT(A1, FIND(“-“, A1)-1)

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15. RIGHT

The RIGHT function extracts a specified number of characters from the right side of a text string. It is useful for parsing data, such as extracting file extensions or the last digits of codes.

Syntax Explanation:

=RIGHT(text, [num_chars])

• text: The text string to extract from.
• [num_chars]: The number of characters to extract (default is 1).

Advanced Usage:

1. Extracting File Extensions: Use RIGHT to get file extensions from file names.
   
   =RIGHT(B1, 3)

2. Combining with LEN and FIND: Extract text dynamically based on length and position.
   
   =RIGHT(B1, LEN(B1) – FIND(” “, B1))

16. YEAR

The YEAR function extracts the year from a date. It is useful for date analysis, such as determining the year part of sales dates or events.

Syntax Explanation:

=YEAR(date)

• date: The date from which to extract the year.

Advanced Usage:

1. Combining with TODAY: Calculate the current year.
   
   =YEAR(TODAY())

2. Using with Other Date Functions: Combine with DATE to manipulate dates.
   
   =DATE(YEAR(A1), 1, 1)  // Get the first day of the year

17. MONTH

The MONTH function extracts the month from a date. It is useful for date analysis, such as determining the month part of sales dates or events.

Syntax Explanation:

=MONTH(date)

• date: The date from which to extract the month.

Advanced Usage:

1. Combining with TODAY: Calculate the current month.
   
   =MONTH(TODAY())

2. Using with Other Date Functions: Combine with DATE to manipulate dates.

=DATE(YEAR(A1), MONTH(A1), 1)  // Get the first day of the month

This post introduces 17 essential Excel formulas for data analysis.

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