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We learned about working with formulas in the previous chapter. In this chapter, we're going to find out what functions are all about. Functions are predefined formulas that perform calculations by using specific values in a particular order. They're housed in the Function Library group, under the Formulas tab in our ribbon. If you'd like to follow along with this exercise, open up the StoreA worksheet. Now in the Function Library, we have all of a variety of different categories, and we're going to take a look at each one of those.
In the AutoSum category, we have a bunch of different options to display the sum of selected cells directly after the selected cells. And you can do that either in a column or in a row. You can calculate the average of a range of numbers, you can count the numbers in a particular range of values, and you can find the minimum or maximum value within a particular range. These are all included under the AutoSum category because they are quite often the most used functions that you will be accessing in the library.
You'll also have a recently used category, and that allows you to browse and choose them from the recently used list of functions. This is great, this is like a little shortcut for you to use if you're going back to use a function often. It's like your top 10 list, and that's what you'll see under the Recently Used category. Under your Financial category, you'll see a list of financial functions. This includes accounting functions as well. So in here you would find functions that would help you calculate your net present value, and amortization rates would be included in here as well. Under the logical grouping of functions, these are if and type functions. If this happened, and that happened, what would be my outcome? So if you are looking to compare items, then this would be the area that you would go to find your logical group of functions.
Under text functions, it allows you to manage textual responses and we're going to be looking at some examples under this particular category in the next few movies. Date & Time functions allow you to pre-populate dates and times in cells, and these are often used to date stamp certain entries. Lookup & Referencing functions allow you to analyze your data and to return a response. We'll also be taking a look at the Lookup feature in the Lookup function, in a later movie.
Math & Trig and More Functions are used by statisticians and engineers. We won't be looking at those in detail. Let's take a look at how some of these functions work in the next movie.
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