The Microsoft Excel Function Wizard is ideal for quickly generating valid functions. It is a menu-driven tool with which to access all Excel’s pre-defined data analysis functions.
The Function Wizard is accessed by clicking the Function Wizard button in the Formula Bar; it looks like an “fx” symbol. A description is provided for every selectable function and there is a space where you can enter the numbers or range so that you can preview the Formula Result.
If you click on the button with the red arrow on it next to the Value box, you can select a range from your worksheet, instead of having to type it in manually. The Function Wizard enables you to make custom functions according to your specific requirements and offers several built-in functions.
To use the Function Wizard, first highlight the cell where you want your formula to appear. Start the Function Wizard by pressing the aforementioned “fx” button, or by selecting Insert from the menu and selecting Function. The Function Wizard’s first dialog box appears, showing about a dozen main categories, like:
- AVEDEV (absolute deviation of a data set)
- AVERAGE (simple arithmetic mean for a data set)
- CORREL (correlation coefficient between two variables)
- COUNT (number of numeric values in a data set)
- RANK (sequence of a given value in a data set)
Select your function from the list and press Next.
The next dialog box will prompt you for the required parameters or data to enable you to complete the formula. You may click the Help button if you need assistance or instructions at this juncture. You may enter the values manually or you may point to the data locations with the mouse, selecting them from your worksheet. Pressing Finish will enable the Excel Function Wizard to complete the formula.