One of the most commonly used Microsoft programs, Excel is highly useful for data collecting, processing, and analysis. To fully harness Excel’s powers, though, you need to make use of formulas.

Just like when you use Microsoft Word, it’s crucial to name and save your Excel files right from the start. You can then continue to save the changes you make to ensure you don’t lose your work.

Before LAMBDA was introduced to Excel, you'd need to know how to use VBA or macros to create your own function. However, today, Excel's LAMBDA tool lets you do this using familiar Excel language ...

Step 1: Go ahead and open the Excel spreadsheet you want to use. In our example, we have a simple table of products, services, projected prices, and their actual prices.