Home Archives for SUMPRODUCT Function
November 13, 2011 1 Comment

Tips for Working with Array Formulas and Functions in Excel

Using ARRAY Functions in Excel

ARRAY Formulas in Excel

Array Formulas and Functions are very powerful tools to use in Excel. However, the concept of working with ARRAYs take a little bit of time and practice. In this video tutorial, I demonstrate how to:

  1. Create formulas that use ARRAYS as arguments
  2. Work with ARRAY FUNCTIONS – for example, the TRANSPOSE Function
  3. Key “Got’cha” steps to master – for example, selecting all cells to receive formula results before creating the ARRAY Formula.
  4. The importance of using Ctrl+Shift+Enter to complete the Array formula.

What is an ARRAY?

“An Array is a collection of Cells or Values that Excel treats as a single unit.”

Why Use an ARRAY Formula?

  1. Automatic Level of Protection for Formula Cells – You cannot delete nor edit a single cell in an Array Formula
  2. Eliminate Intermediary Calculations – For example, you can find the Grand Total without having to create a field to calculate “Extended Price.”
  3. Worksheet, usually, calculates faster because you are using fewer formulas.

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Watch Tutorial in High Definition

Follow this link to view this tutorial in High Definition on my YouTube Channel – DannyRocksExcels

Tips for Working with Array Formulas and Functions in Excel [ 12:54 ] Play Now | Play in Popup | Download (1721)
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September 23, 2011 1 Comment

How to Use the Solver Add-in for Excel – Part 2

Solver Parameters

Solver Parameters

This is Part 2 of my series of video tutorials where I demonstrate how to use the SOLVER Add-in Tool in Excel to produce a specific result for a formula.  Remember that SOLVER is an Add-in program that you must activate before you can use it. Watch Part 1 in this series to learn how to activate SOLVER.

In this tutorial, I work with the same data set that I used in Part 1. This time, I want to achieve a specific amount of Gross Profit Sales Dollars. First, however, I must determine what is a reasonable amount to set as the Target for Solver to return.

Use SUMPRODUCT Function in Excel

I use the SUMPRODUCT Function to quickly determine my possible Revenue, Cost of Goods Sold and Gross Profit is I sell all of the Units that I have in stock. Now, I have a reasonable Target for SOLVER to reach. SUMPRODUCT is a very efficient Function that, unfortunately, very feel Excel users – in my experience – know about. Follow this link to my Index of Excel Video Lessons to find additional tutorials for SUMPRODUCT.

Best Practice Tips for Solver

  • Work with a copy of your worksheet. This is always a good idea, and it is most important when you are beginning to learn how to work with SOLVER.
  • Write out your Goal for SOLVER.
  • Do you want SOLVER to Maximize the Formula? For example, to Maximize your potential profit?
  • Do you want SOLVER to Minimize the Formula? For example, to Minimize your costs?
  • Do you want SOLVER to return a Specific Number? If so, what is that number?
  • Determine your “Variable Cells.” SOLVER calls them the “By Changing Cells.” These are the cells that SOLVER will automatically adjust.
  • The Variable Cells must “feed int” the formula in your Target Cell – This is the key to making SOLVER work!
  • Write out your “Constraints.” These are the “real-world” conditions that you want SOLVER to operate under. This is the real power in SOLVER.
  • Do not treat the SOLVER results as “the Gospel.” SOLVER is a powerful Business Intelligence Tool. You, however, know your own business or industry. Use SOLVER as a tool to help you to make informed business decisions.

 

Watch Part 1 in SOLVER Series of Video Tutorials

Watch Tutorial in High Definition

Follow this link to view this Excel Tutorial in High Definition on my YouTube Channel – DannyRocksExcels.

How to Use Solver Add-in for Excel - Part 2 [ 11:48 ] Play Now | Play in Popup | Download (2137)
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December 7, 2010 2 Comments

Use the SUMPRODUCT Function to Total Lists Using Multiple Criteria

In Excel 2007 and Excel 2010 you can use the new SUMIFS Function to total a list using multiple criteria. This is a great new feature!

But … what if you are using Excel 2003 or earlier? Or, if you collaborate with colleagues and clients who use older versions of Excel – how can you use multiple criteria to select the records that you want to Sum? You can use the SUMPRODUCT Function as I demonstrate in this video lesson.

The 50 Best Tips

The 50 Best Tips Series

Key Concepts

  • Create – and use – Named Cell References for Ranges / Arrays in your formulas
  • Use the Function Arguments Dialog Box – Use the keyboard shortcut Ctrl + A to bring this up
  • Use the F3 Keyboard Shortcut to bring up the Named Ranges List
  • In this lesson, use () to enclose each Array Argument
  • In this lesson, use * to substitute for the , to separate each Array in the formula (Edit this in the Formula Bar)

There are usually several ways to solve any problem in Excel. This is a good procedure to learn – regardless of the version of Excel that you use.

Click here to view the 1st part of this series on how to use the SUMPRODUCT Function in Excel.

You can view this Excel Video in Hig Definition, Full Screen Mode on my YouTube Channel – DannyRocksExcels by clicking here.

I cover the SUMIF and SUMIFS Functions in greater detail on my DVD, “The 50 Best Tips for Excel 2007.” Click here to start shopping using my secure shopping cart.

Learn how to “Master Excel in Minutes – Not Months!”

Using the SUMPRODUCT Function to Total a List Using Multiple Criteria [ 7:47 ] Play Now | Play in Popup | Download (1121)
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December 6, 2010 2 Comments

How to Use the SUMPRODUCT Function in Excel

In my experience, most Excel users are unfamiliar with the SUMPRODUCT Function. So let me give you two reasons to watch this short (5 minutes, 22 seconds) video lesson to learn how – any why – to use SUMPRODUCT:

  1. The SUMPRODUCT Function will speed up your calculations in Excel – get results with one step. With SUMPRODUCT() you can avoid several intermediary calculations.
  2. With SUMPRODUCT, you may be able to trim the size of your Excel worksheet. You may not need as many columns (fields) as you think to get the result that you need!

In this lesson, I show you how to calculate the Total Value of the Inventory (for a fictional company) with one formula!

50 Best Tips for Excel 2007

Excel Tips

Key Points Coverered

While the SUM Function “Adds Up” the values in the Arguments, the PRODUCT Function “Multiplies” the values in its Arguments.

  • Using “Arrays” in SUMPRODUCTS. In Excel 2007, you can use up to 255 Arrays! The key point is that all Arrays must be the same size and shape. For example, if the 1st arry in the Arguments is 15 rows in one vertical column, then all of the subsequent Arrays must be 15 rows in one vertical column.
  • I find that Creating – and Using – Names Cell Ranges for the Arrays will speed up writing the SUMPRODUCT formula.

I have decided to present the SUMPRODUCT Function in two lessons – so click on the sequel to see other uses for this function!

Click here to watch the 2nd video lesson on how to use the SUMPRODUCT Function in Excel.

You can watch this Excel Training Video Lesson in High Definition, Full Screen Mode on my YouTube Channel – DannyRocksExcels

You can learn how to “Master Excel in Minutes – Not Months!”

How to Use the SUMPRODUCT Function in Excel [ 5:21 ] Play Now | Play in Popup | Download (954)
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