An Excel dashboard is a great way to easily access and interpret data. Excel dashboards are concise visual summaries of data, with interactive features and customizable visuals. By using an Excel dashboard, users can quickly and accurately interpret various data inputs to make proper decisions easier.
Using formulas is an essential part of creating an effective dashboard. The following are the commonly used formulas in Excel dashboard creation, and the benefits of using them.
Definition of Excel Dashboards
An Excel dashboard is an interactive and customizable visual summary of information that contains graphs, charts, tables, and other visuals. It facilitates data gathering, analysis, and reporting by providing visual and interactive summary of data in a single place.
Benefits of Excel Dashboards
- Customizable: Excel dashboards can be customized to the user’s specific needs and preferences.
- Intuitive: Excel dashboards provide an easy way to understand and interpret data by displaying relevant information in an organized and meaningful way.
- Interactive: Excel dashboards allow users to interact with the data and get insights quickly.
Popularly Used Formulas in the Creation of Excel Dashboards
Excel Dashboards are widely used to present various information in an organized format. To create an effective dashboard, a set of formulas are employed to help visualize data, formulate calculations, and process information offering accurate and relevant results swiftly. Popularly used formulas can be divided into three different functions — Mathematical, Logical, and Text — and each is quite useful when designing an efficient dashboard within a spreadsheet.
Mathematical formulas help in performing calculations including addition, subtraction, multiplication, and division. Excel supports a variety of predefined functions that allow users to calculate and analyze numerical values from the data. Popular mathematical formulas used in Excel dashboards include:
- SUM: calculates the total of the values of individual cells.
- AVERAGE: calculates the average value of all entered numerical values by dividing the SUM by the total number of values.
- MIN: determines the lowest value from a range of data.
- MAX: determines the highest value from a range of data.
- COUNT: provides the total number of cells in a range that contain numerical data.
Logical formulas or statements are commonly used in dashboards to determine if a certain condition is true or false. Excel supports a variety of logical functions including IF, OR, AND, etc. It is highly beneficial in making decisions based upon given criteria. Popular logical formulas used in Excel dashboards include:
- IF: determines whether a certain condition is true or false.
- AND: used with two or more criteria to return a TRUE result if all conditions are met.
- OR: used with two or more criteria to return a TRUE result if any one condition is met.
- NOT: reverses the condition of a logical formula thereby returning true when false and vice versa.
- XOR: used with two conditions to return a TRUE result when either one of the conditions is met but not both.
Text formulas are employed to manipulate textual information in worksheets. They are widely used to clean data and provide it in a standardized format. Popular text formulas used in Excel dashboards include:
- UPPER: converts all letters entered in a cell in upper case.
- LOWER: converts all letters entered in a cell in lower case.
- PROPER: converts the first letter of each work to upper case.
- LEN: provides the total number of characters of data in a cell.
- TRIM: deletes any space prior to, after, and between lines of text.
Mathematical formulas play a key role in the creation of Excel dashboards. They include simple functions, such as SUM, AVERAGE and COUNT, that help users quickly and easily compare, track and analyze various data points and metrics. Let's take a closer look at the three most common functions used in Excel dashboard creation.
The SUM function is one of the most commonly used functions in Excel and can be used to quickly add together the values of a range of cells. To use the SUM function, first select the range of cells you would like to add and then type the SUM function in an empty cell. The function will then calculate the sum of the cells and display the result.
The AVERAGE function is used to calculate the average value of a range of cells. This function can be used to identify the overall trends and averages of a set of data. To use the AVERAGE function, first select the range of cells to average, and then type the AVERAGE function in an empty cell. The function will then display the average of the cells.
The COUNT function is used to calculate the total number of cells that contain numbers within a range. This can be useful for tracking the number of entries in a particular spreadsheet or to identify outliers. To use the COUNT function, first select the range of cells to count, and then type the COUNT function in an empty cell. The function will then display the total count of cells that contain numbers.
Logical formulas in Excel Dashboard Creation are designed to test for specific outcomes. They use conditions to provide possible outcomes when conditions are met. The most frequently used logical formulas are IF, AND and OR, each of which are reviewed below.
The IF formula allows for a simple true or false outcome within a statement. The formula takes the following structure, IF(logical_test, value_if_true, value_if_false). The conditions in the expression must be first-like any other function-which returns either TRUE if the condition is met otherwise FALSE. The IF formula then uses the condition TRUE or FALSE as a basis on which to perform the next action.
Where more than one condition needs to be met, the AND formula can be used. The AND formula checks if all the conditions are TRUE and if they are it will return TRUE otherwise FALSE. This is useful to capture a nuanced set of criteria. The formula looks like this, AND(logical1, [logical2],[logical3]...).
The OR formula is similar to the AND formula, but here only one criteria needs to be met for the overall result to be TRUE. The formula looks like this, OR(logical1, [logical2],[logical3]...). This is useful when testing if one of multiple criteria is met.
Text formulas are widely used in Excel dashboard creation as they help aggregate and modify data as required to produce meaningful insights and create visualizations quickly and efficiently. Rather than manually entering text strings and manipulating them, Excel users can see the benefit of using text formulas. Here are some of the commonly used text formulas in Excel dashboard creation:
The CONCATENATE function is an invaluable tool for quickly combining data from multiple sources into a single cohesive string. This can be especially useful when it comes to combining text and numerical data, like with an address or website URL. To use the CONCATENATE function, input multiple individual parameters and Excel will combine them, separating each with a blank space.
If you need to take the leftmost characters from a text string, the LEFT function can be used. This can be especially useful when it comes to standardizing data formats, like with email addresses or telephone numbers. For instance, if you have a list of telephone numbers and need to remove the parentheses and dashes, you can use the LEFT function to take the leftmost 11 digits.
The RIGHT function functions in the same way as the LEFT function, but it takes the rightmost characters from a text string. This can be especially useful when it comes to extracting unique identifiers. For instance, if you have a list of employee numbers with several different formats, you can use the RIGHT function to take the rightmost 8 digits for each employee number.
Advantages of Working With Formulas
When it comes to designing an Excel dashboard, formulas can help you automate common tasks, ensure data consistency, and increase overall productivity. Here, we'll walk through some of the advantages of working with formulas for dashboard creation.
Automation of Common Tasks
One of the primary advantages of working with formulas is that they help automate common, labor-intensive tasks. Formulas can be used to automatically filter data, which helps to speed up data analysis and reveal trends more quickly. Similarly, formulas can also be used to create conditional formatting, which quickly draws attention to specific data points. In both of these cases, formulas help eliminate time-consuming manual labor steps and can make data analysis more efficient.
Another great aspect of using formulas in Excel dashboard creation is that they help ensure data consistency across your workbook. When a formula is used to calculate data, your workbook will always return the same answer regardless of when the document is re-opened. This helps ensure that data analysis is accurate, reliable, and repeatable for future reference.
Finally, formulas can also help increase the overall productivity of your Excel dashboard creation. The automation of labor-intensive tasks and ensuring data consistency leads to higher quality results in less time. This ultimately helps to produce faster, more intuitive dashboards that are able to offer more meaningful insights.
Excel dashboard creation often requires the use of formulas to create accurate results. This article has presented some of the most commonly used formulas for creating simple charts and graphs, complex data calculations, and creating visualizations.
Recap of Popular Formulas Used in Excel Dabshboards Creation
The formulas covered in this article include the SUM formula, AVERAGE formula, COUNT formula, MIN formula, MAX formula, SUBTOTAL formula, IF statement, INDEX/MATCH statement, and VLOOKUP. Using these formulas can help turn raw data into meaningful insights with the help of simple calculations and powerful visualizations.
Benefits of Working With Formulas
Formulas come with many benefits, including the ability to automate complex calculations by entering only a few parameters. They also provide business users with a simple way to quickly access important insights in real-time and respond to changing market conditions. Using formulas in Excel dashboards can help streamline many different processes, from financial analysis to marketing analytics.
Summary of the Article
- SUM formula adds up all numbers in a range of cells.
- AVERAGE formula calculates the arithmetic mean for a range of cells.
- COUNT formula counts the number of cells that contain numbers in a range.
- MIN and MAX formulas return the highest or lowest value in a range, respectively.
- SUBTOTAL formula adds up values in a range based on a given function, excluding hidden values.
- IF statement returns one result if a given condition is met, and another result if the condition is not met.
- INDEX/MATCH statement returns the value of a given cell alongside two other points of data.
- VLOOKUP formula searches a table or range and returns a value based on a given data point.
From creating simple charts and graphs to quickly accessing important insights, Excel dashboards can be incredibly useful in aiding decision-making processes. Knowing which formulas to use to achieve desired outcomes and create meaningful visualizations is key to optimizing Excel dashboards for various uses and users.