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Excel formulas are typically used to perform math functions and operations to data in an excel spreadsheet therefore eliminating the need for calculators for the user.
The benefits of the use of formulas are:
All in all, they simply allow the user to get work done more quickly and efficiently.
when you use formula in excel and change data at anytime, the output get changed automatically.
So using formula saves your time a lot.
Helpful when having large amount of varaibles, it is always better than doing things manually.