Essay Sample on Benefits of Excel for Home, Work and Study

Introduction

Excel has inbuilt functions that can be used in all spheres of life. advanced excel users can create commands and formulas that can be used to solve complex problems including statistical analysis, make inferences, manage projects, data and text mining, reduce waste and visualize robust data in graphs and charts.

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Application of Excel at Home

At home, excel can be used to calculate the total amount of money spent and how much can be saved if some expenses are avoided. A house owner can determine the amount she will have saved after a given period using the financial functions such as the financial rate of return. The value of assets can also be calculated using the linear depression of an asserts using the same financial functions. To track expenses, excel functions can be used to Calculate the monthly and annual incomes against the annual expenses and determine which expenses to cut down or eliminate completely. To keep up with maintenances, the homeowners can plan and schedule maintained in the house. The internet rate of return and the net present value for a schedule of the cash flow can also be calculated using excel functions: XNPV, XIRR. Finally, the future value of an asset or investment can also be determined using the FV and FVSCHEDULE functions.

Application of Excel at Work

Charts are the most effective way to visualize data. Charts are like the dashboard for work because the charts give a clear glimpse of complex data at a glance. A manager can get a glimpse of the market share for its products by using the pie chart of all the products in the market. Each product will be assigned a specific percentage or portion of the market without having to read the whole complex and robust data set. To compare population or values across categories, a clustered column can be used. Additionally, a line chart can be used to visualize trends over time. For example, if the manager wants to see the production volume over the last five years a simple line chart can be used. Nevertheless, to visualize the production volume across a range of products categories or the sales performance of the company across markets. The line chart can give a clear indication of the company's performance across products to aid in decision making without having to read the data manually. The main advantage of the line chart is that it displays the trend and the manager can also draw a trend line in addition to the chart line to determine the slope or the equation of the slope. This can also be used to understand the trend and make an assumption of future performances based on the past trend. of interest for the work or business, the operation is the use of excel form forecasting using exponential smoothing or moving averages to predicts the future prefaces.

Application of Excel at School

In schools, time tables can be drawn in excel to help in time management. Excel has an inbuilt function argument for data, time, duration and scheduling. Using the argument such as from- to, the school timetable can be drawn to help the school manage lessons and allocate time for each teacher. A function or command can be created the return the time in seconds, minutes, hours, days, weeks, months of years. The school can keep track of all activities scheduled by the minute, hour or day. The first activity is populating the current data, the start times and data, the finish time and data, the information about the event as well as the facilitators of the scheduled event.