My chosen function is VLOOKUP function in Microsoft Excel that I believe to be the most useful within the application. It is powerful in leveraging spreadsheet data from different sources and making meaning of the data. This function is largely applicable in business as it enables user to find the certain things in the given table that are desired (Bradley, 2011). For instance, this function enables the business owner to look up the name of an employee simply by entering the employee’s number. Similarly, an employee’s phone number can also be easily found by entering the employee’s last name using the VLOOKUP function.
This function applies as an interpreter for all the information on the worksheet. Basically, the user needs to create a lookup table that has all the values that the user intends to look up. The first step in creating it is right-clicking on the spreadsheet tab and selecting insert option. From the insert dialogue box, double clicking on worksheet then renaming the worksheet with an expressive name such as employees’ codes. In the first column (A), the user can enter all the unique values that are on the main worksheet in an ascending order. In this case, it will be the codes in the employee’s code column. In the next column (B), the translated value is entered.
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From this point, the user can apply the VLOOKUP function by adding the new column for example column E in the worksheet automatically displaying the information from the lookup table. In this case, the inserted column is employees. This column (E) is where the Excel function will be inserted by placing the cursor in the first blank cell in the column (E2). The user can now select the function option on the insert menu. The user can type the “vlookup” in the resulting search dialogue box and click “Go”. This is followed by highlighting the VLOOKUP and clicking “OK” option. This brings a dialogue box where the user can define the values needed in the =VLOOKUP () by clicking the desired cell which in this case is E2. Once selected, the values are filled in the dialogue box where Excel displays the selected employee’s code and the matching name of the employee on the lookup table on the employees’ codes worksheet. To apply the VLOOKUP function on other column cells, the user requires to copy the VLOOKUP arguments then dragging down the cell column to cover the desired column range.
Other than the VLOOKUP function, one work task that I believe I could perform by using Microsoft Excel 2013 is calculating the accrued interest on securities that pay interest on periodic intervals in a period of one year. I could accomplish this through the ACCRINT function that could automatically calculate the accrued interest on a particular security based on the given period (Bradley, 2011). This function will also allow omission of specific months according to the business calendar. Indeed I believe the use of Excel would increase productivity and efficiency for the stated task. The reason is based on the rapid nature of calculating millions in a short period of time with high levels precision from the ACCRINT function. Moreover, it brings out the specific security and dates thus increasing the efficiency of conducting such tasks.
In conclusion, the high functionality of Excel makes it an ideal tool for business operations. As discussed above, the user is able to simplify their work and thus save time for more productive activities. In fact, Excel automates some operations in business to allow for rapid accomplishment of regular tasks. In addition, it reduces the hassle of trying to remember dates as it is simplified using the date and time function in Excel.
Reference
Bradley, H. (2011). Use Microsoft Excel for (Nearly) Everything [online] . Computerworld.
