Excel has been around for years and the available Excel formulas and functions have been improving in each version. Whatever you are trying to do, there is an inbuilt Excel formula for it.
Avoid trying to create your own formula or function. It probably already exists in Excel and has been tested by Microsoft and billions of people all over the world.
Take the time to find the correct Excel Formula.
From a best practice perspective this will:
- reduce the chance of creating an error with your custom built formula,
- improve the understandability of the model (a user can read up on the function), and
- stop you having to carry around a maths textbook to ‘remember’ the various formula
Use the Inbuilt Excel Formulas and Functions
Where possible use the inbuilt functions of Excel.
If you can’t think of one, still keep looking. We promise you it is there.
You are not the first person to have this problem in Excel. Over the years, modellers have contacted Bill Gates and suggested new formula and tools to include, and they have been included.
Below some examples of formula that you may wish to create when it already exists!
To follow along go to 1.7