Here is a list of what a cell can contain: TEXT, NUMBER, TRUE or FALSE, Blank cell, FORMULA, Blank from

formula, error
TRUE FALSE logic formulas in Excel like: =B23=C23. This formula asks the question is the content of B23 the same as C23? Th
because 15 <> 15.1. Case in words is not considered. For example Case = case is TRUE to Excel.
Comparative Operators: =, <>, >, >=, <, <=
AND function (2 up to 255 logical tests that all must be TRUE for the AND function to deliver a TRUE to the cell or f
OR function (2 up to 255 logical tests that if at least one is TRUE then the OR function delivers a TRUE to the cell or
NOT function converts TRUE to FALSE and FALSE to TRUE
IS functions deliver a TRUE or FALSE to a cell or formula. These are some IS functions: ISTEXT function, ISNUMBER function, IS
ISBLANK function, ISERROR function, ISNONTEXT function
IF function can put one of two things in a cell. The IF function has three parts: 1) Logical Test, 2) Value If True, 3) Valu
IFERROR function looks to see if there is an error from a formula. If there is an error it puts something in the cell, otherwise i
calculate.

Logic, TRUE FALSE

formulas, IS & IF
functions
List of what can go in a cell
TEXT rad
NUMBER 4.23
1 1
0 0
Error from formula #DIV/0!

Logical Comparative
Logical Question No. No. Formula Operator
Is 15=15.1? 15.0 15.1 0=
Is 15<>15.1? 15.0 15.1 1 <>
Is 15>15? 15.0 15.0 0>

Is 15>=15? 15.0 15.0 1 >=

Is 15<15? 15.0 15.0 0<
Is 15<=15? 15.0 15.0 1 <=

Customer Credit Score 3

Customer Last Year Sales $ 500,000.00

Company Credit Score Hurdle 3

Company Last Year Sales Hurdle $ 1,000,000.00

Rule 1: We have two logical tests

and both must be met before we
extend credit: AND function 0 AND

Rule 2: We have two logical tests

and "one or the other or both"
(also said in this way; 'at least
one') can be met before we
extend credit: OR function 1 OR

ISTEXT function rad 1 1 Value refers to text.

ISTEXT function 23 0 0
ISNUMBER function 12 1 1 Value refers to a number.
ISNUMBER function Rad 0 0
ISLOGICAL function 1 0 0 Value refers to a logical value.
ISBLANK function 1 1 Value refers to an empty cell.
ISERROR function #REF! 1 1 Value refers to any error value (#N/A, #VALUE!,
ISERR function #N/A 0 0 Value refers to any error value except #N/A.
ISNA function #N/A 1 1 Value refers to the #N/A (value not available) er
ISNONTEXT function Excel 0 0 Value refers to any item that is not text. (Note th

IF function can put one of two things in a cell. The IF

function has three parts:
1) Logical Test
2) Value If True
3) Value If False.
For the 'Value If True' and 'Value If False', you can put
numbers, text (must be in double quotes), formulas, or
cell ranges

This example puts one of two words (text) into a cell

Text or
Number
Text or Number Formula
Big List Formula 1 2
word1 Text Text
12 Number Number
word3 Text Text
word4 Text Text
5896 Number Number
word6 Text Text
word7 Text Text
 This example puts one of two numbers into a cell
Your Sales For Month $6,000.00
Do you get a bonus?
You get Bonus if you sell $6,000.00 or more
Bonus Hurdle $6,000.00
Bonus Amount $200.00
Your Bonus = $200.00

Put 1 of 2 Formulas in a cell

Revenues $6.00
Expenses $6,000.00
Net Loss $5,994.00

Conditional Formatting (Home Ribbon in 2007, Format menu in 2003) uses Logical Formulas
k cell, FORMULA, Blank from formula, error from formula
n is the content of B23 the same as C23? The answer is FALSE
example Case = case is TRUE to Excel.
, >, >=, <, <=
ND function to deliver a TRUE to the cell or formula)
he OR function delivers a TRUE to the cell or formula)
and FALSE to TRUE
ons: ISTEXT function, ISNUMBER function, ISLOGICAL function,
SNONTEXT function
parts: 1) Logical Test, 2) Value If True, 3) Value If False
rror it puts something in the cell, otherwise it lets the formula

Comparative Operator
Equal
Not Equal
Great Than

Greater Than Or Equal To

Less Than
Less Than Or Equal To
ue refers to text.

ue refers to a number.

ue refers to a logical value.

ue refers to an empty cell.
ue refers to any error value (#N/A, #VALUE!, #REF!, #DIV/0!, #NUM!, #NAME?, or #NULL!).
ue refers to any error value except #N/A.
ue refers to the #N/A (value not available) error value.
ue refers to any item that is not text. (Note that this function returns TRUE if value refers to a blank cell.)
DIV/0!, #NUM!, #NAME?, or #NULL!).

unction returns TRUE if value refers to a blank cell.)

 Account Not Suspended, No Overdue Balance and
Rule 1 Last Year's Sales > $50,000.00

Account Not Suspended and Both Credit Hurdles

must be met and at least 1 of the remaining criteria
Rule 2 must be met
Accou Formula Inputs Over
nt Last Due
Custome Suspe Rating1 Rating2 Asset Year's Balanc
r Name nded? Hurdle Hurdle Value Sales e
Yes 2.5 4.5 200,000 50,000 Yes
Customer Credit Analysis For Accounts Receivable

Accou Over Rule 1

nt Last Due Account Not Suspended, No
Custome Suspe Asset Year's Balanc Overdue Balance and Last
r Name nded? Rating1 Rating2 Value Sales e Year's Sales > $50,000.00
Cust01 5 7.4 208,339 90,550
Cust02 5 5.9 374,775 51,255 Yes
Cust03 3.3 3.9 371,040 56,241
Cust04 Yes 1.2 2.4 331,439 69,920
Cust05 Yes 3.4 5.3 336,505 58,534 Yes
Cust06 4.5 6 336,794 60,423 Yes
Cust07 4.4 2.4 500,000 49,850
Cust08 2.9 5.5 375,800 62,100
Cust09 2.5 8.9 254,888 75,000
r Accounts Receivable

Rule 2
Account Not Suspended and
Both Credit Hurdles must be ONLY: Two
met and at least 1 of the rules are false,
remaining criteria must be NONE but Asset
met Fail Both Rules Hurdle Met Decision
 Account Not Suspended, No Overdue Balance and
Rule 1 Last Year's Sales > $50,000.00

Account Not Suspended and Both Credit Hurdles

must be met and at least 1 of the remaining criteria
Rule 2 must be met
Formula Inputs

Accou Over
nt Last Due
Custome Suspe Rating1 Rating2 Asset Year's Balanc
r Name nded? Hurdle Hurdle Value Sales e
Yes 2.5 4.5 200,000 50,000 Yes
Customer Credit Analysis For Accounts Receivable

Accou Over Rule 1

nt Last Due Account Not Suspended, No
Custome Suspe Rating1 Rating2 Asset Year's Balanc Overdue Balance and Last
r Name nded? Hurdle Hurdle Value Sales e Year's Sales > $50,000.00
Cust01 5 7.4 208,339 90,550 1
Cust02 5 5.9 374,775 51,255 Yes 0
Cust03 3.3 3.9 371,040 56,241 1
Cust04 Yes 1.2 2.4 331,439 69,920 0
Cust05 Yes 3.4 5.3 336,505 58,534 Yes 0
Cust06 4.5 6 336,794 60,423 Yes 0
Cust07 4.4 2.4 500,000 49,850 0
Cust08 2.9 5.5 375,800 62,100 1
Cust09 2.5 8.9 254,888 75,000 1
r Accounts Receivable

Rule 2
Account Not Suspended and
Both Credit Hurdles must be ONLY: Two
met and at least 1 of the rules are false,
remaining criteria must be None but Asset
met Fail Both Rules Hurdle Met Decision
1 0 0 Approved
1 0 0 Approved
0 0 0 Take A Second Look
0 1 1 Reject
0 1 1 Reject
1 0 0 Approved
0 1 1 Reject
1 0 0 Approved
1 0 0 Approved
Is Account Credit Credit Past Year's
Suspended? Customer Rating 01 Rating 02 Asset Value Sales
Not Suspended Customer 01 4 9 $159,441 $332,082
Not Suspended Customer 02 4 6 $796,571 $455,968
Not Suspended Customer 03 2 3 $1,243,611 $373,892
Suspended Customer 04 3 3 $4,939,327 $285,446
Not Suspended Customer 05 2 7 $2,647,055 $191,068
Not Suspended Customer 06 2 2 $1,409,633 $168,029
Not Suspended Customer 07 3 8 $4,350,814 $353,054
Not Suspended Customer 08 4 9 $2,395,694 $198,841
Not Suspended Customer 09 0 3 $1,629,030 $199,163
Not Suspended Customer 10 3 8 $207,371 $189,052
Suspended Customer 11 0 5 $4,857,701 $347,454
Not Suspended Customer 12 3 4 $1,968,563 $90,424
Not Suspended Customer 13 3 8 $3,183,148 $169,508
Not Suspended Customer 14 2 7 $3,898,837 $238,658
Not Suspended Customer 15 0 9 $4,643,757 $439,679

Assumptions
Credit Criteria Credit Credit Credit
1 Criteria 2 Criteria 3 Credit Criteria 4 Criteria 5

Hurdle
Hurdle Credit Credit Hurdle Current Over
Rating 01 Rating 02 Asset Value Past Year's Sales Due Balance

2 4.5 $200,000 $50,000 0

Low 0 0
High 4 10
 Rule 1 Rule 2
Not Suspended, No Both Credit Hurdles must
Overdue Balance be met and at least 1 of NONE: 2 ONLY: Two rules are
Current Over and Past sales > the remaining criteria rules not false, but Asset
Due Balance $50,000.00 must be met met) Hurdle Met
0
1
1
1
0
0
1
0
1
1
1
1
1
0
1

Rule 1 Rule 2

Not Suspended, No Both Credit Hurdles must

Overdue Balance be met and at least 1 of
Is Account and Past sales > the remaining criteria
Suspended? $50,000.00 must be met

Suspended

Not Suspended
Is Account Credit Credit Past Year's Current Over
Suspended? Customer Rating 01 Rating 02 Asset Value Sales Due Balance
Not Suspended Customer 01 4 9 $159,441 $332,082 0
Not Suspended Customer 02 4 6 $796,571 $455,968 1
Not Suspended Customer 03 2 3 $1,243,611 $373,892 1
Suspended Customer 04 3 3 $4,939,327 $285,446 1
Not Suspended Customer 05 2 7 $2,647,055 $191,068 0
Not Suspended Customer 06 2 2 $1,409,633 $168,029 0
Not Suspended Customer 07 3 8 $4,350,814 $353,054 1
Not Suspended Customer 08 4 9 $2,395,694 $198,841 0
Not Suspended Customer 09 0 3 $1,629,030 $199,163 1
Not Suspended Customer 10 3 8 $207,371 $189,052 1
Suspended Customer 11 0 5 $4,857,701 $347,454 1
Not Suspended Customer 12 3 4 $1,968,563 $90,424 1
Not Suspended Customer 13 3 8 $3,183,148 $169,508 1
Not Suspended Customer 14 2 7 $3,898,837 $238,658 0
Not Suspended Customer 15 0 9 $4,643,757 $439,679 1

Assumptions
Credit Criteria Credit Credit Credit Criteria Credit
1 Criteria 2 Criteria 3 4 Criteria 5

Hurdle
Hurdle Credit Credit Hurdle Past Year's Current Over Is Account
Rating 01 Rating 02 Asset Value Sales Due Balance Suspended?

2 4.5 $200,000 $50,000 0 Suspended

Low 0 0 Not Suspended

High 4 10
Rule 1 Rule 2
Not Suspended, No Both Credit Hurdles must
Overdue Balance be met and at least 1 of NONE: 2 ONLY: Two rules are
and Past sales > the remaining criteria rules not false, but Asset
$50,000.00 must be met met) Hurdle Met
1 1 0 0
0 1 0 0
0 0 1 1
0 0 1 1
1 1 0 0
1 0 0 0
0 1 0 0
1 1 0 0
0 0 1 1
0 1 0 0
0 0 1 1
0 0 1 1
0 1 0 0
1 1 0 0
0 0 1 1

Rule 1 Rule 2

Not Suspended, No Both Credit Hurdles must

Overdue Balance be met and at least 1 of
and Past sales > the remaining criteria
$50,000.00 must be met
 Taxable Earnings
Name Hours Wage Gross Beg Cumulative End Cumulative UnEm
Employee 1 33 12.55 414.15 25,001.37 25,415.52
Employee 2 30 25.00 750.00 36,589.74 37,339.74
Employee 3 38 23.00 874.00 115,450.01 116,324.01
Employee 4 40 22.00 880.00 5,000.06 5,880.06
Employee 5 32 24.00 768.00 6,999.00 7,767.00
Employee 6 40 17.00 680.00 7,000.34 7,680.34
Employee 7 37 13.00 481.00 7,001.93 7,482.93
Employee 8 39 24.75 965.25 94,199.64 95,164.89
Employee 9 32 17.00 544.00 94,200.50 94,744.50
Employee 10 38 24.19 919.22 94,201.13 95,120.35
Employee 11 33 19.00 627.00 95,000.49 95,627.49
Employee 12 39 20.35 793.65 125,000.35 125,794.00
Employee 13 39 18.00 702.00 500.67 1,202.67
Employee 14 32 11.00 352.00 6,850.76 7,202.76
Employee 15 30 18.00 540.00 20,000.00 20,540.00
Employee 16 37 12.45 460.65 93,990.66 94,451.31
569 301.29 10,750.92 826,986.65 837,737.57 -

Assumptions
UnEm State UnEm Fed
5.40% 0.08%
UnEm Fed Ceiling
7,000

105,000

73,900
67,000
62,000
57,000
55,000
5,000
Taxable Earnings Deductions
SS Medicare SS Medicare Pension Total Ded. Net Pay Expense
414.15 - 6.01 8.28 14.29 399.86 414.15
750.00 - 10.88 15.00 25.88 724.12 750.00
874.00 - 12.67 17.48 30.15 843.85 874.00
880.00 - 12.76 17.60 30.36 849.64 880.00
768.00 - 11.14 15.36 26.50 741.50 768.00
680.00 - 9.86 13.60 23.46 656.54 680.00
481.00 - 6.97 9.62 16.59 464.41 481.00
965.25 - 14.00 19.31 33.31 931.94 965.25
544.00 - 7.89 10.88 18.77 525.23 544.00
919.22 - 13.33 18.38 31.71 887.51 919.22
627.00 - 9.09 12.54 21.63 605.37 627.00
793.65 - 11.51 15.87 27.38 766.27 793.65
702.00 - 10.18 14.04 24.22 677.78 702.00
352.00 - 5.10 7.04 12.14 339.86 352.00
540.00 - 7.83 10.80 18.63 521.37 540.00
460.65 - 6.68 9.21 15.89 444.76 460.65
- 10,750.92 - 155.90 215.01 370.91 10,380.01 10,750.92

Assumptions
SS Medicare Pension
6.20% 1.45% 2%
SS Ceiling
105,000

CURRENT Pay check

23100
9000
6,900 6900
5,000
5,000
2,000
50,000
5,000
 Taxable Earnings
Name Hours Wage Gross Beg Cumulative End Cumulative UnEm
Employee 1 33 12.55 414.15 25,001.37 25,415.52 -
Employee 2 30 25.00 750.00 36,589.74 37,339.74 -
Employee 3 38 23.00 874.00 115,450.01 116,324.01 -
Employee 4 40 22.00 880.00 5,000.06 5,880.06 880.00
Employee 5 32 24.00 768.00 6,999.00 7,767.00 1.00
Employee 6 40 17.00 680.00 7,000.34 7,680.34 -
Employee 7 37 13.00 481.00 7,001.93 7,482.93 -
Employee 8 39 24.75 965.25 94,199.64 95,164.89 -
Employee 9 32 17.00 544.00 94,200.50 94,744.50 -
Employee 10 38 24.19 919.22 94,201.13 95,120.35 -
Employee 11 33 19.00 627.00 95,000.49 95,627.49 -
Employee 12 39 20.35 793.65 125,000.35 125,794.00 -
Employee 13 39 18.00 702.00 500.67 1,202.67 702.00
Employee 14 32 11.00 352.00 6,850.76 7,202.76 149.24
Employee 15 30 18.00 540.00 20,000.00 20,540.00 -
Employee 16 37 12.45 460.65 93,990.66 94,451.31 -
569 301.29 10,750.92 826,986.65 837,737.57 1,732.24

Assumptions
UnEm State UnEm Fed
5.40% 0.08%
UnEm Fed Ceiling
7,000

106,000 1,000
105,000
82,900 22,100
73,900 23,100
67,000
62,000
57,000
55,000
5,000
Taxable Earnings Deductions
SS Medicare SS Medicare Pension Total Ded. Net Pay Expense
414.15 414.15 25.68 6.01 8.28 39.97 374.18 414.15
750.00 750.00 46.50 10.88 15.00 72.38 677.62 750.00
- 874.00 - 12.67 17.48 30.15 843.85 874.00
880.00 880.00 54.56 12.76 17.60 84.92 795.08 880.00
768.00 768.00 47.62 11.14 15.36 74.12 693.88 768.00
680.00 680.00 42.16 9.86 13.60 65.62 614.38 680.00
481.00 481.00 29.82 6.97 9.62 46.41 434.59 481.00
965.25 965.25 59.85 14.00 19.31 93.16 872.09 965.25
544.00 544.00 33.73 7.89 10.88 52.50 491.50 544.00
919.22 919.22 56.99 13.33 18.38 88.70 830.52 919.22
627.00 627.00 38.87 9.09 12.54 60.50 566.50 627.00
- 793.65 - 11.51 15.87 27.38 766.27 793.65
702.00 702.00 43.52 10.18 14.04 67.74 634.26 702.00
352.00 352.00 21.82 5.10 7.04 33.96 318.04 352.00
540.00 540.00 33.48 7.83 10.80 52.11 487.89 540.00
460.65 460.65 28.56 6.68 9.21 44.45 416.20 460.65
9,083.27 10,750.92 563.16 155.90 215.01 934.07 9,816.85 10,750.92

Assumptions
SS Medicare Pension
6.20% 1.45% 2%
SS Ceiling
105,000

CURRENT Pay check

23,100 23100
9,000 9000
6,900 6900
5,000
5,000
2,000
50,000
5,000
 Put 1 of 3 Percentages in a Mutually Exclusive
Formula Categories Sales %
Your Sales $6,000.00 0 >= Your Sales < 5000 $0 0.00%
Your Bonus 5000 >= Your Sales < 10000 $5,000 2.00%
Your Sales > = 10000 $10,000 4.00%

Multiple IF Rule # 1: Be sure to start at top and go to bottom, or at the

bottom and go to the top
Multiple IF Rule # 2: If there are 3 possibilities, there are 2 IFs, If there are 4
possibilities, there are 3 IFs, etc.

Mutually Exclusive
VLOOKUP to Replace IF Categories Sales %
Your Sales $6,000.00 0 >= Your Sales < 5000 $0 0.00%
Your Bonus 5000 >= Your Sales < 10000 $5,000 2.00%
Your Sales > = 10000 $10,000 4.00%
 Put 1 of 3 Percentages in a Mutually Exclusive
Formula Categories Sales %
Your Sales $6,000.00 0 >= Your Sales < 5000 $0 0.00%
Your Bonus $120.00 5000 >= Your Sales < 10000 $5,000 2.00%
Your Sales > = 10000 $10,000 4.00%

Multiple IF Rule # 1: Be sure to start at top and go to bottom, or at the

bottom and go to the top
Multiple IF Rule # 2: If there are 3 possibilities, there are 2 IFs, If there are 4
possibilities, there are 3 IFs, etc.

Mutually Exclusive
VLOOKUP to Replace IF Categories Sales %
Your Sales $6,000.00 0 >= Your Sales < 5000 $0 0.00%
Your Bonus 120 5000 >= Your Sales < 10000 $5,000 2.00%
Your Sales > = 10000 $10,000 4.00%
1) Range means a group of cells such as B12:E12
2) The Range B12:E12 can contain the values: 5, 7, 9, 11

An array (different than a range) means a group of things (values, text,

3) TRUE/FALSE) stored in a range of cells or in an array using array syntax

Array syntax uses the: 1) curly bracket to contain the array, 2) comma
4) for column and 3) semi-colon for row, 4) Text is in quotes
5) An array could be: {5, 7, 9, 11}
If the values did not need to be in cells, instead of =SUM(B12:E12), you
6) could use the formula =SUM({5, 7, 9, 11})

To create an array from a range of values, click in a cell, type the equal
sign, highlight a range of cells, then highlight the range of cells in the
formula, hit the F9 key, then Ctrl + C to copy the array with all the array
7) syntax.

8) An array could be: {''Week1'',''Week2'',''Week3'',''Week4'';5,7,9,11}

Instead of the formula, =VLOOKUP(B20,$B$15:$C$17,2,0), you could

use this (then the data is hard coded into formula), =VLOOKUP(B20,
{""Part1"",25;""Part2"",10;""Part3"",5},2,0). This formula is not an
Array Formula (because it does not use Ctrl + Shift + Enter to put
9) formula in cell), but it is a formula that uses an array.

Week1 Week2 Week3 Week4 Total Total

5 7 9 11

Item Price
Part1 $25.00
Part2 $10.00
Part3 $5.00

Product Price
Part2

Different than regular formulas, array formulas can:

1) Do operations on arrays instead of individual cells

2) Allow you to enter functions such as TRANSPOSE, FREQUENCY and

MMULT, which are by definition array formulas.
3) Allow ranges or arrays in function arguments where the function is
expecting a single value
Array Formulas can do operations on arrays such as
10) =SUM(B35:B38*C35:C38)
 In order to get Excel to recognize that your formula is an array formula,
you must use the key strokes Ctrl + Shift + Enter to put the formula in
11) the cell or range of cells.

When you use Ctrl + Shift + Enter to put an array formula into a cell or
range of cells Curley Brackets appear automatically around the
12) formula.
If you enter =SUM(B35:B38*C35:C38), {=SUM(B35:B38*C35:C38)} will
13) appear

Array formulas can save spreadsheet real-estate. For example, instead

of using an extra column to calculate sales for each transaction and
then adding the total for each transaction, you can simply use an array
14) formula in one cell.

In cell D40 create this formula: =SUM(B35:B38*C35:C38), then use Ctrl + Shift +
Enter to create the Array Formula. The result will look like
{=SUM(B35:B38*C35:C38)}. The curley brackets will be put in automatically.
Units Price Sales
5 $22.00 What are we doing: multiply, then add
2 $23.00 Array formula advantage: use less space
4 $25.00 Array formula disadvantage: must use Ctrl + Shift + Enter and larger array formula
6 $24.50
Total $403.00
Total Array formula in 1 cell
Total SUMPRODUCT multiplies the related ranges and then adds. SUMPRODUCT can be

To Enter Array Formula you must use keystrokes: Ctrl +

Shift + Enter

In cell D53 create this formula: =MIN(C46:C51-B46:B51), then use Ctrl + Shift +
Enter to create the Array Formula. The result will look like {=MIN(C46:C51-
B46:B51)}. The curley brackets will be put in automatically.

Sample Sample
Weight Beg Weight End Change
1 10.00 lbs 11.20 lbs What are we doing: subtracting then find MIN
2 12.50 lbs 13.00 lbs Array formula advantage: use less space
3 9.00 lbs 10.00 lbs Array formula disadvantage: must use Ctrl + Shift + Enter and larger array formula
4 11.50 lbs 12.00 lbs
5 10.00 lbs 10.25 lbs
6 14.00 lbs 14.75 lbs

Array formula in 1 cell

 To Enter Array Formula you must use keystrokes: Ctrl +
Shift + Enter

In cell D65 create this formula: =MAX(C58:C63-B58:B63), then use Ctrl + Shift +
Enter to create the Array Formula. The result will look like {=MAX(C58:C63-
B58:B63)}. The curley brackets will be put in automatically.

Stock $ End Stock $ Beg Change

1 26 27 What are we doing: subtracting then find MAX
2 28 19 Array formula advantage: use less space
3 13 15 Array formula disadvantage: must use Ctrl + Shift + Enter and larger array formula
4 27 15
5 17 29
6 28 32.5

Array formula in 1 cell

To Enter Array Formula you must use keystrokes: Ctrl +

Shift + Enter

Weight in
Portfolio 0.3333333 0.3333333333333 0.333333333

Economic Probability Stock1 Stock2 Stock3 Expected

State of State Return Return Return Returns
Weak 0.4 0.1 0.15 0.2
Boom 0.6 0.08 0.04 0

Array formula in 1 cell

Don't forget Ctrl + Shift + Enter
Weight in
Portfolio 0.25 0.75
Economic Probability Stock1 Stock2 Expected
State of State Return Return Returns
Weak 0.55 -0.02 0.05
Normal 0.3 0.059 0.065
Boom 0.15 0.12 0.085

Array formula in 1 cell Don't forget Ctrl + Shift +

Does not require Ctrl + Shift + Enter
Example of SUMPRODUCT formula that will not work: #VALUE! For SUMPRODUCT, you must use multiplication in
 If you want to multiply ranges and add, instead of the SUM function
with the keystrokes Ctrl + Shift = Enter, you can use the SUMPRODUCTS
function. This is not an array formula because we do not use Ctrl + Shift
+ Enter. SUMPRODUCT can handle arrays without Ctrl + Shift + Enter. If
the ranges used in SUMPRODUCT are the same size, use ranges and
commas. If the ranges used in SUMPRODUCT are NOT the same size,
15) use ranges and the multiplication symbol.
16) See this video for more about SUMPRODUCT: Excel Formula Efficiency 1: SUMPRODUCT function 12 Exa

17) For other videos and video series about array formulas, see these: 06 Excel Series: Array Formulas
Excel Magic Trick 313: Some Facts About Array Formulas
07 Excel Formula Efficiency Series

Weight in
Portfolio 0.25 0.75
Economic Probability Stock1 Stock1
State of State Return Return
Weak 0.55 -0.02 0.05
Normal 0.3 0.059 0.065
Boom 0.15 0.12 0.085

E. Returns
r and larger array formulas may take a long time to calculate

dds. SUMPRODUCT can be used with commas when the ranges are the same size

r and larger array formulas may take a long time to calculate

r and larger array formulas may take a long time to calculate

Ctrl + Shift + Enter

Don't forget Ctrl + Shift + Enter

Shift + Enter
u must use multiplication instead of ranges and commas because the size of the ranges/arrays are not the same.
 SUMPRODUCT function 12 Examples

me Facts About Array Formulas

1) Range means a group of cells such as B12:E12
2) The Range B12:E12 can contain the values: 5, 7, 9, 11

An array (different than a range) means a group of things (values, text,

3) TRUE/FALSE) stored in a range of cells or in an array using array syntax

Array syntax uses the: 1) curly bracket to contain the array, 2) comma
4) for column and 3) semi-colon for row, 4) Text is in quotes
5) An array could be: {5, 7, 9, 11}
If the values did not need to be in cells, instead of =SUM(B12:E12), you
6) could use the formula =SUM({5, 7, 9, 11})

To create an array from a range of values, click in a cell, type the equal
sign, highlight a range of cells, then highlight the range of cells in the
formula, hit the F9 key, then Ctrl + C to copy the array with all the array
7) syntax.

8) An array could be: {''Week1'',''Week2'',''Week3'',''Week4'';5,7,9,11}

Instead of the formula, =VLOOKUP(B20,$B$15:$C$17,2,0), you could

use this (then the data is hard coded into formula), =VLOOKUP(B20,
{""Part1"",25;""Part2"",10;""Part3"",5},2,0). This formula is not an
Array Formula (because it does not use Ctrl + Shift + Enter to put
9) formula in cell), but it is a formula that uses an array.

Week1 Week2 Week3 Week4 Total Total

5 7 9 11 32 32

Item Price 1
Part1 $25.00 1
Part2 $10.00 25 1
Part3 $5.00 3

Product Price
Part2 10
10

Different than regular formulas, array formulas can:

1) Do operations on arrays instead of individual cells

2) Allow you to enter functions such as TRANSPOSE, FREQUENCY and

MMULT, which are by definition array formulas.
3) Allow ranges or arrays in function arguments where the function is
expecting a single value
Array Formulas can do operations on arrays such as
10) =SUM(B35:B38*C35:C38)
 In order to get Excel to recognize that your formula is an array formula,
you must use the key strokes Ctrl + Shift + Enter to put the formula in
11) the cell or range of cells.

When you use Ctrl + Shift + Enter to put an array formula into a cell or
range of cells Curley Brackets appear automatically around the
12) formula.
If you enter =SUM(B35:B38*C35:C38), {=SUM(B35:B38*C35:C38)} will
13) appear

Array formulas can save spreadsheet real-estate. For example, instead

of using an extra column to calculate sales for each transaction and
then adding the total for each transaction, you can simply use an array
14) formula in one cell.

In cell D40 create this formula: =SUM(B35:B38*C35:C38), then use Ctrl + Shift +
Enter to create the Array Formula. The result will look like
{=SUM(B35:B38*C35:C38)}. The curley brackets will be put in automatically.
Units Price Sales
5 $22.00 $110.00 What are we doing: multiply, then add
2 $23.00 $46.00 Array formula advantage: use less space
4 $25.00 $100.00 Array formula disadvantage: must use Ctrl + Shift + Enter and larger array formula
6 $24.50 $147.00
Total $403.00 $403.00
Total $403.00 Array formula in 1 cell
Total $403.00 SUMPRODUCT multiplies the related ranges and then adds. SUMPRODUCT can be

To Enter Array Formula you must use keystrokes: Ctrl +

Shift + Enter

In cell D53 create this formula: =MIN(C46:C51-B46:B51), then use Ctrl + Shift +
Enter to create the Array Formula. The result will look like {=MIN(C46:C51-
B46:B51)}. The curley brackets will be put in automatically.

Sample Sample
Weight Beg Weight End Change
1 10.00 lbs 11.20 lbs 1.20 lbs What are we doing: subtracting then find MIN
2 12.50 lbs 13.00 lbs 0.50 lbs Array formula advantage: use less space
3 9.00 lbs 10.00 lbs 1.00 lbs Array formula disadvantage: must use Ctrl + Shift + Enter and larger array formula
4 11.50 lbs 12.00 lbs 0.50 lbs
5 10.00 lbs 10.25 lbs 0.25 lbs
6 14.00 lbs 14.75 lbs 0.75 lbs
0.25 lbs
0.25 lbs Array formula in 1 cell
 To Enter Array Formula you must use keystrokes: Ctrl +
Shift + Enter

In cell D65 create this formula: =MAX(C58:C63-B58:B63), then use Ctrl + Shift +
Enter to create the Array Formula. The result will look like {=MAX(C58:C63-
B58:B63)}. The curley brackets will be put in automatically.

Stock $ End Stock $ Beg Change

1 26 27 -1 What are we doing: subtracting then find MAX
2 28 19 9 Array formula advantage: use less space
3 13 15 -2 Array formula disadvantage: must use Ctrl + Shift + Enter and larger array formula
4 27 15 12
5 17 29 -12
6 28 32.5 -4.5
12
12 Array formula in 1 cell

To Enter Array Formula you must use keystrokes: Ctrl +

Shift + Enter

Weight in
Portfolio 0.3333333 0.3333333333333 0.333333333

Economic Probability Stock1 Stock2 Stock3 Expected

State of State Return Return Return Returns
Weak 0.4 0.1 0.15 0.2 0.06
Boom 0.6 0.08 0.04 0 0.024
0.084
0.084 Array formula in 1 cell
Don't forget Ctrl + Shift + Enter
Weight in
Portfolio 0.25 0.75
Economic Probability Stock1 Stock2 Expected
State of State Return Return Returns
Weak 0.55 -0.02 0.05 0.017875
Normal 0.3 0.059 0.065 0.01905
Boom 0.15 0.12 0.085 0.0140625
0.0509875
0.0509875 Array formula in 1 cell Don't forget Ctrl + Shift +
0.0509875 Does not require Ctrl + Shift + Enter
Example of SUMPRODUCT formula that will not work: #VALUE! For SUMPRODUCT, you must use multiplication in
 If you want to multiply ranges and add, instead of the SUM function
with the keystrokes Ctrl + Shift = Enter, you can use the SUMPRODUCTS
function. This is not an array formula because we do not use Ctrl + Shift
+ Enter. SUMPRODUCT can handle arrays without Ctrl + Shift + Enter. If
the ranges used in SUMPRODUCT are the same size, use ranges and
commas. If the ranges used in SUMPRODUCT are NOT the same size,
15) use ranges and the multiplication symbol.
16) See this video for more about SUMPRODUCT: Excel Formula Efficiency 1: SUMPRODUCT function 12 Exa

17) For other videos and video series about array formulas, see these: 06 Excel Series: Array Formulas
Excel Magic Trick 313: Some Facts About Array Formulas
07 Excel Formula Efficiency Series

Weight in
Portfolio 0.25 0.75
Economic Probability Stock1 Stock1
State of State Return Return
Weak 0.55 -0.02 0.05
Normal 0.3 0.059 0.065
Boom 0.15 0.12 0.085
-0.00275 0.020625
0.004425 0.014625
0.0045 0.0095625
E. Returns 0.0509875 0.0509875
0.0509875 0.0509875
r and larger array formulas may take a long time to calculate

dds. SUMPRODUCT can be used with commas when the ranges are the same size

r and larger array formulas may take a long time to calculate

r and larger array formulas may take a long time to calculate

Ctrl + Shift + Enter

Don't forget Ctrl + Shift + Enter

Shift + Enter
u must use multiplication instead of ranges and commas because the size of the ranges/arrays are not the same.
 SUMPRODUCT function 12 Examples

me Facts About Array Formulas

 SUMPRODUCT function
SUM = add ==> The "sum" of 3 + 4 = 7
PRODUCT = multiply ==> The "product" of 1 * 3 = 3
The SUMPRODUCT function multiplies arrays of the same size and
then adds the products note: The array arguments must have the same dime
The SUMPRODUCT function multiplies 1st, then adds SUMPRODUCT treats array entries that are not
SUMPRODUCT can deal with ranges or arrays
1 row by 2 column array * 1 row by 2 column array =
A8:B8*A9:B9 = 1*3+2*2 = 7
1 2
3 2
1*3+2*2 = 7
SUMPRODUCT(A8:B8,A9:B9) = 7. Notice
commas between arrays.
You can do this: SUMPRODUCT(A8:B8*A9:B9) = 7 but for large
spreadsheets it may take longer to calculate.

1 2
3 2
1*3+2*2 = 7
SUMPRODUCT(A14:B14,C15:D15) = 7.
Notice commas between arrays.

1 2 3
2
The array arguments must have the same dimensions. If they do not,
SUMPRODUCT returns the #VALUE! error value.

SUMPRODUCT(A19:B19,D19:D20) will not

work because the arrays are not the same
dimensions. The dimensions are 1 by 2 * 2
by 1.

You can get around this by using a

multiplication symbol instead of a comma.
SUMPRODUCT(A19:B19*D19:D20)
This is what it did: 1*3+2*3+1*2+2*2 =

Rule about when to use comma: When ranges/arrays are same

dimensions
Rule about when to use multiplication symbol: When ranges/arrays
are different dimensions

SUMPRODUCT is great for dealing with arrays of TRUEs and FALSEs

when you are doing conditional adding
 Although you can use *1, /1, +0 to convert TRUEs & FALSEs to 1s and
0s, the method that calculates fastest is double negative --.
Month Feb
Year 2009
Sales Rep Julie
Add
Count Records
Date SalesRep # Phone Calls
1/2/2009 Mo 5 SUMIFS cannot do this because SUMIFS cannot handle
2/1/2009 Julie 2 =SUMIFS(C38:C45,--(TEXT(A38:A45,"mmmyyyy")),B32&
1/15/2009 Mo 5
2/1/2009 Mo 3
1/30/2009 Julie 2
2/15/2009 Julie 2
2/15/2009 Mo 3
1/28/2009 Julie 3

SUMPRODUCT can deal with arrays, whereas the SUMIFS function can
not (our TEXT example is proof of this). Note: SUMIFS see workbook
references as arrays and so it is best to use SUMPRODUCT for
conditional adding when you have workbook references.

See this video for more about SUMPRODUCT and SUMIF:

Excel Magic Trick 315: SUMIF Only Accept Ranges, Not Arrays
 must have the same dimensions. If they do not, SUMPRODUCT returns the #VALUE! error value.
s array entries that are not numeric as if they were zeros.
 Months Years SalesRep
Jan 2009 Mo
Feb Julie

use SUMIFS cannot handle arrays.

A38:A45,"mmmyyyy")),B32&B33,B38:B45,B34)
 SUMPRODUCT function
SUM = add ==> The "sum" of 3 + 4 = 7
PRODUCT = multiply ==> The "product" of 1 * 3 = 3
The SUMPRODUCT function multiplies arrays of the same size and
then adds the products note: The array arguments must have the same dime
The SUMPRODUCT function multiplies 1st, then adds SUMPRODUCT treats array entries that are not
SUMPRODUCT can deal with ranges or arrays
1 row by 2 column array * 1 row by 2 column array =
A8:B8*A9:B9 = 1*3+2*2 = 7
1 2
3 2
1*3+2*2 = 7 7
SUMPRODUCT(A8:B8,A9:B9) = 7. Notice
commas between arrays. 7 7
You can do this: SUMPRODUCT(A8:B8*A9:B9) = 7 but for large
spreadsheets it may take longer to calculate.

1 2
3 2
1*3+2*2 = 7
SUMPRODUCT(A14:B14,C15:D15) = 7.
Notice commas between arrays. 7

1 2 3
2
The array arguments must have the same dimensions. If they do not,
SUMPRODUCT returns the #VALUE! error value.

SUMPRODUCT(A19:B19,D19:D20) will not

work because the arrays are not the same
dimensions. The dimensions are 1 by 2 * 2
by 1. #VALUE!

You can get around this by using a

multiplication symbol instead of a comma.
SUMPRODUCT(A19:B19*D19:D20) 15
This is what it did: 1*3+2*3+1*2+2*2 = 15

Rule about when to use comma: When ranges/arrays are same

dimensions
Rule about when to use multiplication symbol: When ranges/arrays
are different dimensions

SUMPRODUCT is great for dealing with arrays of TRUEs and FALSEs

when you are doing conditional adding
 Although you can use *1, /1, +0 to convert TRUEs & FALSEs to 1s and
0s, the method that calculates fastest is double negative --.
Month Feb
Year 2009
Sales Rep Julie
Add 4
Count Records 2
Date SalesRep # Phone Calls
1/2/2009 Mo 5 SUMIFS cannot do this because SUMIFS cannot handle
2/1/2009 Julie 2 =SUMIFS(C38:C45,--(TEXT(A38:A45,"mmmyyyy")),B32&
1/15/2009 Mo 5
2/1/2009 Mo 3
1/30/2009 Julie 2
2/15/2009 Julie 2
2/15/2009 Mo 3
1/28/2009 Julie 3

SUMPRODUCT can deal with arrays, whereas the SUMIFS function can
not (our TEXT example is proof of this). Note: SUMIFS see workbook
references as arrays and so it is best to use SUMPRODUCT for
conditional adding when you have workbook references.

See this video for more about SUMPRODUCT and SUMIF:

Excel Magic Trick 315: SUMIF Only Accept Ranges, Not Arrays
 must have the same dimensions. If they do not, SUMPRODUCT returns the #VALUE! error value.
s array entries that are not numeric as if they were zeros.
 Months Years SalesRep
Jan 2009 Mo
Feb Julie

use SUMIFS cannot handle arrays.

A38:A45,"mmmyyyy")),B32&B33,B38:B45,B34)
 Array Functions must be entered as array formulas with the key strokes Ctrl +
1) Shift + Enter

TRANSPOSE (turns flips the range 90 degrees) is an array function

that: 1) must be entered using Ctrl + Shift + Enter 2) All the cell
must be highlighted before you create the formula.

In the case of TRANSPOSE you must count the number of columns

and rows in the original and then highlight a similar range, but
flipped 90 degrees ==> 4 x 2 becomes 2 x 4.
Item Price
Part1 $50.00
Part2 $10.00
Part3 $5.00

To Enter Array Formula you must use

keystrokes: Ctrl + Shift + Enter

FREQUENCY is an array function that: 1) must be entered using Ctrl + Shift +

Enter 2) All the cell must be highlighted before you create the formula. The
FREQUENCY function uses two arguments: data_array and bins_array (see
below)

Data_array Bins_array (Upper

(Numbers to be Limit of each
counted) class)
5 10 <= 10
9 20 10 > and <= 20
10 30 20 > and <= 30
15

To Enter Array Formula you must use

22 keystrokes: Ctrl + Shift + Enter
21
4 Some Other Array Functions and videos to watch:
FREQUENCY Excel Array Formula Series #8: FREQUENCY function
TRANSPOSE Excel Array Formula Series #2: TRANSPOSE function
MMULT Excel Array Formula Series 12: MMULT function Matrix Algebra
ROW Excel Array Formula Series #11: ROW & COLUMN functions
COLUMN Excel Array Formula Series #11: ROW & COLUMN functions
MINVERSE
LINEST Excel Array Formula Series #13: LINEST function
 UENCY function
SPOSE function
ULT function Matrix Algebra
W & COLUMN functions
W & COLUMN functions
 Array Functions must be entered as array formulas with the key strokes Ctrl +
1) Shift + Enter

TRANSPOSE (turns flips the range 90 degrees) is an array function

that: 1) must be entered using Ctrl + Shift + Enter 2) All the cell
must be highlighted before you create the formula.

In the case of TRANSPOSE you must count the number of columns

and rows in the original and then highlight a similar range, but
flipped 90 degrees ==> 4 x 2 becomes 2 x 4.
Item Price
Part1 $25.00
Part2 $10.00
Part3 $5.00

Item Part1 Part2 Part3

Price $25.00 $10.00 $5.00

To Enter Array Formula you must use

keystrokes: Ctrl + Shift + Enter

FREQUENCY is an array function that: 1) must be entered using Ctrl + Shift +

Enter 2) All the cell must be highlighted before you create the formula. The
FREQUENCY function uses two arguments: data_array and bins_array (see
below)

Data_array Bins_array (Upper

(Numbers to be Limit of each
counted) class)
5 10 <= 10 4
9 20 10 > and <= 20 1
10 30 20 > and <= 30 2
15

To Enter Array Formula you must use

22 keystrokes: Ctrl + Shift + Enter
21
4 Some Other Array Functions and videos to watch:
FREQUENCY Excel Array Formula Series #8: FREQUENCY function
TRANSPOSE Excel Array Formula Series #2: TRANSPOSE function
MMULT Excel Array Formula Series 12: MMULT function Matrix Algebra
ROW Excel Array Formula Series #11: ROW & COLUMN functions
COLUMN Excel Array Formula Series #11: ROW & COLUMN functions
MINVERSE
LINEST Excel Array Formula Series #13: LINEST function
 UENCY function
SPOSE function
ULT function Matrix Algebra
W & COLUMN functions
W & COLUMN functions
 If you enter a range of values or an array into a function argument that is
expecting a single value:
1) You must use Ctrl + Shift + Enter to put the formula in the cell
2) You will return an array of values. If the function is in one cell, it will
only show the first value in the array. If the function is in a formula or
1) function that expects an array, the whole array will be used.

TEXT function with custom number

format to count Dates in Jan 2009
Criteria 1 Jan
Criteria 2 2009
Count 3
Count 3
Sum Sales 10
Sum Sales 10

Dates Sales
1/25/2009 $5.00
2/20/2009 $2.00
7/1/2009 $5.00
5/2/2009 $6.00
1/2/2009 $1.00
1/18/2009 $4.00
4/23/2009 $2.00

Date Item VLOOUP Price

5/5/2009 Part1 Item Price
5/6/2009 Part2 Part1 $25.00
5/7/2009 Part2 Part2 $10.00
5/8/2009 Part3 Part3 $5.00
5/9/2009 Part1
Total
Total
Total

SalesRep Sales
Joe $5.00
Sioux $2.00
Joe $5.00
Sioux $6.00
Joe $1.00
Joe $4.00
Sioux $2.00
criteria Joe
MEDIAN =MEDIAN(IF(A31:A37=B39,B31:B37))
MAX =MAX(IF(A31:A37=B39,B31:B37))
MIN =MIN(IF(A31:A37=B39,B31:B37))

Names Count Unique Records

Tom =SUMPRODUCT(--(A45:A51<>""),1/COUNTIF(A45:A51,A45:A
Sioux
Sue
Sioux

Jo
Mo

2) Array Formulas: Add the 3 highest values

3) Remember to enter array formula with Ctrl + Shift + Enter
4) The formula is: =SUM(LARGE(D11:H11,{1,2,3}))

Boomerang Maximun Time Aloft

Throw 1 Throw 2 Throw 3 Throw 4 Throw 5 Sum Top 3
Thrower 1 35.1 42.3 43 16.5 22.15
Thrower 2 42.3 35.1 16.5 22.15 43
Thrower 3 6.87 38.2 47.8 27.76 20.34
Thrower 4 22.15 16.5 43 42.3 35.1
Thrower 5 26.36 49.8 11.97 27.46 19.96
Thrower 6 26.36 42.85 45.62 24.54 3.98
Thrower 7 28.18 17.03 35.21 32.38 6.66
Thrower 8 10.82 39.95 27.78 2.05 54.3
Thrower 9 35.1 42.3 16.5 43 22.15
Thrower 10 8.47 32.62 11.95 13.07 16.36

Warning about Array Formulas:

In large spreadsheets array formulas can slow
calculating speed down considerably.
For tips about large spreadhseets, see this video
Series:
07 Excel Formula Efficiency Series
=SUM((TEXT(A12:A18,"mmmyyyy")=B4&B5)*B12:B18)
=SUMPRODUCT(--(TEXT(A12:A18,"mmmyyyy")=B4&B5),B12:B18)

=SUM(SUMIF(E22:E24,B21:B25,F22:F24))
=SUMPRODUCT(SUMIF(E22:E24,B21:B25,F22:F24))
=B39,B31:B37))

5:A51<>""),1/COUNTIF(A45:A51,A45:A51&""))

+ Enter
))

Rank
=SUM(LARGE(B61:F61,{1,2,3}))
 If you enter a range of values or an array into a function
argument that is expecting a single value:
1) You must use Ctrl + Shift + Enter to put the formula in the
cell
2) You will return an array of values. If the function is in one
cell, it will only show the first value in the array. If the
function is in a formula or function that expects an array, the
1) whole array will be used.

TEXT function with

custom number format
to count Dates in Jan
2009
Criteria 1 Jan
Criteria 2 2009
Count 3
Count 3
Sum Sales 10 =SUM((TEXT(A12:A18,"mmmyyyy")=B4
Sum Sales 10 =SUMPRODUCT(--(TEXT(A12:A18,"mm
Jan2009
Dates Sales
1/25/2009 $5.00
2/20/2009 $2.00
7/1/2009 $5.00
5/2/2009 $6.00
1/2/2009 $1.00
1/18/2009 $4.00
4/23/2009 $2.00

Date Item VLOOUP Price

5/5/2009 Part1 $25.00 Item Price
5/6/2009 Part2 $10.00 Part1 $25.00
5/7/2009 Part2 $10.00 Part2 $10.00
5/8/2009 Part3 $5.00 Part3 $5.00
5/9/2009 Part1 $25.00
Total $75.00
Total $75.00 =SUM(SUMIF(E22:E24,B21:B25,F22:F2
Total $75.00 =SUMPRODUCT(SUMIF(E22:E24,B21:B

SalesRep Sales
Joe $5.00
Sioux $2.00
Joe $5.00
Sioux $6.00
Joe $1.00
Joe $4.00
Sioux $2.00

criteria Joe
MEDIAN 4.5 =MEDIAN(IF(A31:A37=B39,B31:B37))
MAX 5 =MAX(IF(A31:A37=B39,B31:B37))
MIN 1 =MIN(IF(A31:A37=B39,B31:B37))

Names Count Unique Records

Tom 5 =SUMPRODUCT(--(A45:A51<>""),1/COUNTIF(A45:A51,A45:A51&""))
Sioux
Sue
Sioux

Jo
Mo

2) Array Formulas: Add the 3 highest values

3) Remember to enter array formula with Ctrl + Shift + Enter
4) The formula is: =SUM(LARGE(D11:H11,{1,2,3}))

Boomerang Maximun Time Aloft

Throw 1 Throw 2 Throw 3 Throw 4 Throw 5 Sum Top 3 Rank
Thrower 1 35.1 42.3 43 16.5 22.15 120.4 3.5
Thrower 2 42.3 35.1 16.5 22.15 43 120.4 3.5
Thrower 3 6.87 38.2 47.8 27.76 20.34 113.76 7
Thrower 4 22.15 16.5 43 42.3 35.1 120.4 3.5
Thrower 5 26.36 49.8 11.97 27.46 19.96 103.62 8
Thrower 6 26.36 42.85 45.62 24.54 3.98 114.83 6
Thrower 7 28.18 17.03 35.21 32.38 6.66 95.77 9
Thrower 8 10.82 39.95 27.78 2.05 54.3 122.03 1
Thrower 9 35.1 42.3 16.5 43 22.15 120.4 3.5
Thrower 10 8.47 32.62 11.95 13.07 16.36 62.05 10

Warning about Array Formulas:

In large spreadsheets array formulas

can slow calculating speed down
considerably.
For tips about large spreadhseets, see
this video Series:
07 Excel Formula Efficiency Series
 XT(A12:A18,"mmmyyyy")=B4&B5)*B12:B18)
ODUCT(--(TEXT(A12:A18,"mmmyyyy")=B4&B5),B12:B18)

MIF(E22:E24,B21:B25,F22:F24))
ODUCT(SUMIF(E22:E24,B21:B25,F22:F24))
(A45:A51,A45:A51&""))

=SUM(LARGE(B61:F61,{1,2,3}))
Succeeding in Business with MS Excel 2007, ISBN 978-1-4239-0605-6,
Authors: Gross, Akaiwa, Nordquist
PO527 Credit Analysis HW P242-243
WWC Hiring Analysis HW P276-278
Unpaid Invoice Penalties P257-259, Painting Job Estimator P 278-280
 35423339.xlsx - P214-241 - Level 3

Rule #1 Rule #2 Rule #3

Reject 0 0 0
Further Evaluate 1 0 0
OR
0 1 0
0 0 1
0 1 1
Inside an or
Accept 1 1 1
1 0 1
1 1 0
 Accounts Receivable Department - Custom

D&B
D&B Composite
Credit Credit
Current Past Due Net Worth Rating Appraisal (1
Customer Name Current Credit Limit Previous Year's Sales Year's Sales Balance in (000) Class Best)
Athletic Gear Corp. $ 9,000 $ 15,382 $ 11,952 $ 0 $ 450 BA 4
Baltimore O's 39,000 10,033 7,789 0 1,950 3A 1
Baseball & More 75,000 60,009 55,342 13,892 37,500 4A 2
Canadian Ski Club 33,000 35,039 50,921 495 1,650 BA 2
Concord Pro Shop 10,000 4A 1
Everything Golf 25,000 15,221 9,483 2,899 1,250 3A 3
Lake Pro Shops 42,000 80,498 81,126 0 2,100 3A 2
Mars Dept. Store 27,000 35,354 20,666 0 213 BB 3
RG Bradley 46,000 90,970 18,343 0 2,300 3A 1
RX for Sports 15,000 5,663 3,014 0 750 2A 1
School Sports Supply 45,000 50,278 32,338 0 2,250 3A 3
Ski World 26,000 25,864 28,154 0 300 BA 2
Sneaker Kingdom 45,000 40,157 25,379 0 2,250 3A 2
Sports & Stuff 15,000 15,898 14,732 14,383 450 BA 1
Toy Kingdom 22,000 10,073 1,047 0 1,100 3A 3
Under the Sea 45,000 95,411 64,418 0 150 CB 4
US Olympic Team 20,000 5,621 6,171 0 1,000 3A 1
WWW Sports Inc. 100,000 60,009 60,354 0 500,000 5A 2
Zip & Sons 10,000 15,490 22,760 0 620 1A 2

Formatting Rules
Net worth is less
than
Rule 1 $1,000,000.00 $ 1,000,000.00
Net worth is
greater than
Rule 2 $10,000,000.00 $ 10,000,000.00
vable Department - Customer Credit Analysis

Rule 1 (FALSE is Reject): Rule 2 (FALSE is Reject):

D&B Past due balance is less Composite credit appraisal
PAYDEX D&B Stress Risk Class than 10% of this year's value of 1 OR a PAYDEX
(100 Best) (1 Best) total sales score over 90
15 3 $ 1 0
51 1 $ 1 1
70 1 $ - 0
43 1 $ 1 0
91 1 1
76 1 $ - 0
87 1 1 0
94 1 1 1
21 1 1 1
59 1 1 1
91 1 1 1
82 1 1 0
71 1 1 0
67 1 0 1
14 1 1 0
79 2 1 0
87 1 1 1
97 1 1 1
96 1 1 1
Rule 3 (FALSE is Reject): Net worth of
at least $500,000.00 AND a composite
credit appraisal value less than or
equal to 2 AND PAYDEX score over 70 Reject? Further Evaluate?
AND a stress risk class of 1 Accept?
0 Accept
0 FurtherEvaluate
0 Reject
0 Accept
1 FurtherEvaluate
0 Reject
1 FurtherEvaluate
0 FurtherEvaluate
0 FurtherEvaluate
0 FurtherEvaluate
0 FurtherEvaluate
0 Accept
1 FurtherEvaluate
0 FurtherEvaluate
0 Accept
0 Accept
1 FurtherEvaluate
1 FurtherEvaluate
1 FurtherEvaluate
 PO 527 Bidder List Financial Evalua

D&B
Composite
Credit
Net Worth Appraisal (1
Bidder List Previous Experience Grade (Dollars) Best)
Logistic SB Inc. None $ 2,500,000 2
XBE Corporation Satisfactory 237,000,000 1
Software Solutions Satisfactory 1,823,000 3
Exceed RW Unsatisfactory 75,000 2
Roberts Wise Inc. Satisfactory 680,000 3

Did any evaluate to TRUE?

Did all not evaluate to TRUE? Or Did all come o

Assumptions
Rule 1 D&B Stress Risk Class (1 Best) Hurdle = 1 1
D&B PAYDEX (100 Best) is greater than 60 AND D&B
Composite Credit Appraisal (1 Best) is less than or
equal to 2 AND Net Worth (Dollars) are greater than
Rule 2 $1,000,000.00 60 2
D&B PAYDEX (100 Best) is greater than or equal to 85
Rule 3 OR Previous Experience Grade is Satisfactory 85 Satisfactory
Format if TRUE = Green 1
Format if FALSE = Grey 0
Format Bidder name who had Previous Experience
Grade "Unsatisfactory" Unsatisfactory

Note:
Conditional formatting in column A is based on values in Column B. The formula is: =B3=$C$18
er List Financial Evaluation

Rule 2: D&B PAYDEX (100 Best)

Rule 1: D&B is greater than 60 AND D&B
D&B Stress Stress Risk Composite Credit Appraisal (1 Rule 3: D&B PAYDEX (100 Best)
Best) is less than or equal to 2 AND is greater than or equal to 85 OR
D&B PAYDEX Risk Class Class (1 Best) Net Worth (Dollars) are greater Previous Experience Grade is
(100 Best) (1 Best) Hurdle = 1 than $1,000,000.00 Satisfactory
85 1 1 1 1
90 1 1 1 1
55 2 0 0 1
38 1 1 0 0
43 1 1 0 1

1 1 1
to TRUE? Or Did all come out false? 0 0 0

$ 1,000,000.00
 TheZone Customer Accounts - Credit & Payment

60-Days 90-Days
Customer Name Customer Type Current Balance Due 30-Days Past Due Past Due Past Due
Athletic Gear Corp. A $ 8,612 $ 0 $ 0 $ 0
Baltimore O's B 0 0 0 0
Baseball & More A 2,345 3,473 5,557 4,862
Canadian Ski Club C 0 345 0 150
Everything Golf A 0 0 2,000 899
Sports & Stuff A 0 14,000 383 0

Assumptions
Credit Approved
Credit Denied

Note: Order for non-mutually exclusive criteria matters here because you can have balances in all three categories (not m
exclusive), and so you must test

Minimum before Surcharge % of 90

applying surcharge Minimum surcharge day balance
If the 90-Days Past Due balance is greater
than $200.00 then the large of $100.00 or
10% of 90 day balance $ 200 $ 100 10.00%
Fee for 30-Days Fee for 60-Days Fee for 90-Days
Past Due Past Due Past Due
Alternative Penalty Scheme $ 25 $ 50 $ 100
Past Due Past Due Past Due
Days 30 60 90

This example is of criteria that is mutually exclusive, the order of the logical tests does not matter.

Late Fee Cust Type

A Cust Type Late Fee 50 A
B Cust Type Late Fee 100 B
C Cust Type Late Fee 150 C

VLOOKUP if often better than many Ifs. But if you use Ifs, better to go from low to high or high to low instead of betwe
Hurdle Penalty
Level 1: less tha $1,000.00 $ 1,000 $ 25
Level 2: less than $5,000.00 and greater
than or equal to $1,000.00 $ 1,000 $ 50
Level 3 greater than $5,000.00 $ 5,000 $ 100

Past Due =IF(A40<B$33,C$33,IF(A40<B$35,C$34,C$35)) =IF(A40>B$35,C$35,IF(A40>B$34,C$34,C$33))

$ 670 $ 25.00 $ 25.00
$ 141 $ 25.00 $ 25.00
$ 3,893 $ 50.00 $ 50.00
$ 4,741 $ 50.00 $ 50.00
$ 8,434 $ 100.00 $ 100.00
$ 7,401 $ 100.00 $ 100.00
$ 4,819 $ 50.00 $ 50.00
$ 8,344 $ 100.00 $ 100.00
ounts - Credit & Payment Status

If the 90-Days Past Alternative

Due balance is Penalty
Current Credit Status
greater than $200.00 Scheme: 30 =
Total Past (FALSE means that they then the large of $25.00; 60 = Customer
Due have been denied credit but Credit Approved $100.00 or 10% of 90 $50.00; 90 = Type Late
Balance may still owe $) or Credit Denied day balance $100.00 Fee
$ 0 $ 1 Credit Approved $ - $ - $ -
0 $ 1 Credit Approved $ - $ - $ -
13,892 $ 1 Credit Approved $ 486 $ 100 $ 50
495 $ 1 Credit Approved $ - $ 100 $ 150
2,899 $ - Credit Denied $ 100 $ 100 $ 50
14,383 $ - Credit Denied $ - $ 50 $ 50

nces in all three categories (not mutually

al tests does not matter.

h or high to low instead of between.

>B$35,C$35,IF(A40>B$34,C$34,C$33)) =IF(AND(A40>=B$34,A40<B$35),C$34,IF(A40<B$33,C$33,C$35))
$ 25.00
$ 25.00
$ 50.00
$ 50.00
$ 100.00
$ 100.00
$ 50.00
$ 100.00
 Fixed Fee & 90 Day Penalties Graduated Penalties - Range Penalty
Fixed Fee Penalty $ 50 Graduated penalty < $ 1,000 $ 0
Hurdle for penalty $ 100 Graduated penalty >=1000 but < 5,000 100
90-day penalty percentage 10% Graduated penalty >= 5,000 200

TheZone Accounts Payable - Outstanding Balance Report

Applies Total Past

Fixed 30-Days 60-Days 90-Days Due Fixed
Vendor Name Category Penalty Past Due Past Due Past Due Balance Penalty
RTF Electric Utilities $ 1 $ 16,254 $ 0 $ 0 $ 16,254 $ 50
Ross County Water & Sewer Utilities $ - 1,435 0 0 1,435 $ 0
YNC Trucking Transportation $ 1 0 0 3,300 3,300 $ 50
Italian Leather Group Ltd. Raw Materials $ 1 6,756 0 5,674 12,430 $ 50
Union Plastics Raw Materials $ 1 0 436 0 436 $ 50
Freight to Go Transportation $ - 0 0 873 873 $ 0
Temps R'Us Labor $ - 2,700 0 0 2,700 $ 0
Notworth Telephone Telephone $ 1 0 0 2,345 2,345 $ 50
 Category Penalties
Utilities 10%
Labor 15%
Other 5%

nce Report

90-Day Graduated Category

Penalty Penalty Penalty
$ 0 $ 200 $ 1,625
0 100 144
330 100 165
567 200 622
0 0 22
87 0 44
0 100 405
235 100 117
 Applic
Personal
College Major Interview Work
Name GPA Code Refer-ences Rating Experience
Michael 3.6 2 3 5 1
Brian 3.9 18 3 3 0
George 2.1 15 3 2 0
Jasen 3.0 30 3 5 1
Cindy 3.2 100 4 3 1
Sara 3.7 4 3 6 1
Courtney 4.0 16 5 4 0
Scott 2.1 260 2 2 0
Mark 2.8 20 3 5 0

Assumptions
Job Applicants must supply the
following information Automatically disqualified
Valid GPA min 1.5 If any of these are TRUE
Valid GPA max 4 Valid GPA min 1.5
Standardized universal
Major Code Valid GPA max 4
Valid Employment Exam
Engineering 1 Score min 200

Valid Employment Exam

Business 2 Score max 800

Valid Standardized
Economics 3 universal Major Code min 1

Valid Standardized
Physical Science 4 universal Major Code max 250
Last one 250 GPA less than 2.5
Reference letters less Reference letters less
than 3 than 3
Personal Interview rating Employment Exam less
less than 3 than 600
Personal Interview rating
Work Experience 1 0 less than 3
Valid Employment Exam
Score min 200
Valid Employment Exam
Score max 800
Undergraduate school
ranking
Automatically disqualified
Automatically hired
Undecided If the applicant does not fit into one of the other categories
 Application for Employment
School InvalidScores/ Automatically
Employment ExamScore Rank Major? Automatically Disqualified Hired
700 12 0 0 0
850 1 1 1 0
780 5 0 1 0
710 3 0 0 0
600 26 0 0 0
740 15 0 0 1
720 8 0 0 0
590 33 1 1 0
760 6 0 0 0
Total 2 3 1
Total 2 3 1
All are invalid 0 0 0
Any are invalid? 1 1 1

Automatically hired
If all of these are TRUE
GPA score greater than 3.5

Major Code min 1

Major Code max 20

Undergraduate school
ranking less than or equal to 25

Employment Exam greater

than 700

Personal Interview rating

greater than or equal to 4
Work Experience 1
Not Automatically Not Automatically
Disqualified Hired No Decision No Decision
1 1 1 1
0 1 0 0
0 1 0 0
1 1 1 1
1 1 1 1
1 0 0 0
1 1 1 1
0 1 0 0
1 1 1 1
6 8 5
6 8 5
0 0 0
1 1 1
 RJ Construction - Painting Estimator

Square
Feet (SF)
of
Length in Width in Wall/Ceilin Wall New Color
Room Feet Feet Height in Feet g Condition Lighter ?
Kitchen 20 15 8 860 2 1
Bedroom1 16 12 8 640 1 0
Bedroom2 10 12 8 472 1 0
Bath 8 6 8 272 3 0
Total
Total Discounted Price:

Assumptions
Wall Condition NO. Cost primer Cost of first coat
Excellent 1 0 0.45
Reasonable 2 0 0.5
Poor 3 0.5 0.6

Cost per square foot for

second coat when poor 0.35
New Color Lighter ? 1 0 0.3

Grade of Paint Cost Discounts

Premium 0.15 0 0%
Economy -0.1 1000 10%
Superior 0 2500 12%
5000 15%
High Price 450
ainting Estimator

Wall Second Paint

Repairs & First Coat Coat Quality
Grade of Primer Painting Painting Adjustmen High
Paint Costs Costs Costs t Total Costs Price?
Premium - 430 258.00 129.00 817.00 1
Economy - 288 - (64.00) 224.00 0
Superior - 212.4 - - 212.40 0
Superior 136.00 163.2 95.20 - 394.40 0
136.00 1,093.60 353.20 65.00 1,647.80
1483.02

alternative alternative alternative

430.00 129 1483.02
288.00 -64
212.40 0
163.20 0
 PO 611 Bidder List Financial Evaluation

Net Worth D&B CCAR (1

Customer Name (Dollars) Best) D&B PAYDEX (100 Best)
BFF Industries $ 157,795 1 90
NRKK 387,000 4 83
Pergo Molding 775,961 2 98
Allma 17,043,973 3 55
JF & Sons 35,446,678 1 32
Argree Inc. 63,545,102 3 0
RGM Plastics 64,831,692 2 85
Soto Services 182,686,331 1 73
NE Plastic 239,227,375 2 79
SPDM 487,215,654 2 97

Assumptions (HURDLES) Total outcomes =

Net Worth (Dollars) $ 500,000.00
D&B CCAR (1 Best) 1 Experiments
D&B Stress Risk Class (1 Best) 1 Outcomes for each experiment
D&B PAYDEX (100 Best) 90
Allow to bid Exclude
Exclude
Get more data Get more data

Allow to bid
al Evaluation
D&B Stress
Risk Class Final
(1 Best) Rule #1 Rule #2 Rule #3 Recommendation
1 - 1 - Get more data
3 - - - Exclude
1 1 - 1 Allow to bid
2 1 - - Get more data
1 1 1 - Allow to bid
1 1 - - Get more data
1 1 - - Get more data
1 1 1 - Allow to bid
2 1 - - Get more data
1 1 - 1 Allow to bid

3
2

0 0 0

1 0 0
0 1 0

1 1 0
1 1 1
0 1 1
1 0 1
0 1 1