BUSN 250 Week 2 Discussion

BUSN 250 Week 2 Discussion | American Public University System

Response 1

W2: Discussion

Week 2 - Jakia

I love excel because there are so many functions built in that makes life so much easier. I'm not a guru by any means, but I can work in basic formulas to get what I need done. In addition to making spreadsheets for my job to help formulate data to my Command.

Some basic excel functions that I used to help me with my assignments were SUMIF, AVERAGE and NPV.

SUMIF function is used to find the range of a set of data in any given column and across multiple cells. For example, in my business I would like to gather my sales across different platforms. Amazon, retail, and on location (at the end of speaking engagements). To see my sales revenue per platform, I would do SUMIF to isolate revenue that each platform generates and have it calculated.

Average is simply just the average of the values within in a given column or across multiple cells. This is a function that I use quite a bit when averaging the flying hours per quarter and compare them to previous years.

Lastly NPV. I never used this function until I had to take a course, and this was the main function, I had to use to solve all my problems. It created more problems for me than the actual problems I had to solve. The purpose of this function "The NPV Function is an Excel Financial function that will calculate the Net Present Value (NPV) for a series of cash flows and a given discount rate." ("NPV Function", 2022). I have assumed a new position in my unit and I am now the Resource Advisor (RA) and we are constantly looking for reasonable prices to accomplish our mission and budget correctly.

Being able to use excel to its full capability helps ease the process for small business and large corporations. It simplifies data so you can conduct business efficiently and smoothly.

Reply 1
David Thornton

Thanks for sharing. I have just recently started using Excel extensively so many of the functions are still new to me. I use =sum a lot. Thanks for breaking down SUMIF. I would like to see how I can incorporate this into my daily reporting. I use average quite often and I have used it in the past in looking at historical sales in specific periods in order to forecast sales in an upcoming period. Net Present Value is new to me in Excel but I have used the concept for years while working in the restaurant consulting industry. It is important to be able to anticipate and review discounts, price increases, and increased or decreased flow of sales. The entire business works around that concept. The better that number can be determined in advance, the better, costs can be controlled. When all of that can be done, profitability can be better secured and that is essential in running a successful business.

Reply 2

Paul Schwanke

  It seems like most of us have utilized excel spreadsheets at our jobs. I agree that it is a very useful tool and has many functions. One of the next courses I am required to take is accounting for non-accounting majors. I am sure I will be required to learn more about excel and NPV. I don't think I am or ever will be a guru, but I will make a cheat sheet for the future. I started my cheat sheet with economics. I will continue to add to it. 

Response 2
Kevin Henderson

Great post! I took an accounting class last session, and knowing how to use the Net Present Value (NPV) function before taking the course would have made it much easier for me. The assignments in the course had templates already built, so we did not have to know how to do the functions; we only had to input the information accurately. It is sort of a double-edged sword. On the one hand, having the templates already built made it easier for me to do my assignment, but on the other hand, I feel that having to learn these functions and do the work instead of just plugging in numbers would have better prepared me for this course. Nevertheless, I am excited to use these functions and see how they can be implemented in my personal and professional life. Have you or do you use any of these functions regularly?

Reply 1

Justin Wilt

Thanks for sharing your experience using the Net Present Value (NPV) function. I personally haven't used this but am curious and will have to do some research on how to apply it. I can vouch for the usefulness of pre-existing templates however, and from my experience a quick google search can save a lot of wasted labor if you can find an applicable template with formulas and functions built in. I did however work with a guy who had only experienced using spreadsheets with formulas built in and had difficulty manipulating it for future assignments, I think like you said it is a double edged sword. A lot of times when I inherit a spreadsheet that was previously used or from someone else, I try to make sure I fully understand where the values are going and coming from to make sure I'm prepared to answer questions during presentations.

Reply 2

I think it's awesome that you have so much prior experience with these formulas. I've found that even having a relatively small amount of understanding of the program can still allow you to accomplish a lot. So far, with taking this class, I've already begun to put some of the formulas to use.