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How businesses can use Excel tools to manage finances

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Research and discuss the ways a company can use advanced Excel tools such as MIN and MAX statement, conditional formatting, and additional tools that you have discovered to manage their business finances. Once you have created a formula, the formula can be copied to subsequent cells. When the formula is copied it may change depending on the type of cell reference displayed in the formula. Explain the difference between a relative cell reference and an absolute cell reference.

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Solution Summary

This solution touches on several formulas and function that are native to Excel, including, but not limited to: MIN, Absolute Reference and more.

It also provides several examples/scenarios to help solidify the explanations.

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These are all tools available in Microsoft Excel that aid in the process known as Data Analysis. Sometimes a formula is needed that helps the end-user decipher the information (or make sense out of all the numbers). These data analysis tools also speak to the concept of efficiency: being able to analyze your business' revenues, expenditures, etc. in a quicker way than you had before gives you more time to complete other tasks.

Now to the specifics: the MIN formula is designed to 'analyze' a range or collection of cells and then returns the smallest value in the set. So, for example, if you had a dozen offers (or bids) ...

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