CFI-Excel-eBook

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The Corporate Finance Institute ExcelVLOOKUPLookup a value in a table bymatching on the first columnvalue table col_index range_lookupWhat is VLOOKUP in Excel?The VLOOKUP function in Excel is a tool for looking up a piece of information ina table or dataset and extracting some corresponding data/information. Insimple terms, the VLOOKUP function says the following to Excel, “look for thispiece of information (i.e. bananas), in this dataset (a table), and tell me somecorresponding information about it (i.e. the price of bananas)”.Learn how to do this step by step in our Free Excel Crash Course!VLOOKUP Formula=VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])To translate this to English the formula is saying, “look for this piece ofinformation, in the following area, and give me some corresponding data inanother column”.The VLOOKUP function uses the following arguments:1. Lookup_value (required argument) – It is the value that we want to look upfor in the first column of a table.2. Table_array (required argument) – It is the data array that is to besearched. The VLOOKUP function searches in the left-most column of thisarray.3. Col_index_num (required argument) – An integer, specifying the columnnumber of the supplied table_array, that you want to return a value from.4. Range_lookup (optional argument) – It defines what this function shouldreturn in the event that it does not find an exact match to thelookup_value. The argument can be set to TRUE or FALSE, which means:• TRUE – Approximate match, that is, if an exact match is not found,use the closest match below the lookup_value.• FALSE – Exact match, that is, if an exact match not found then it willreturn an error.corporatefinanceinstitute.com150
The Corporate Finance Institute ExcelHow to use VLOOKUP in ExcelStep 1: Organize the dataThe first step to effectively using the VLOOKUP function is to make sure yourdata is well organized and suitable for using the function.VLOOKUP works in a left to right order, so you need to ensure that theinformation you want to look up is to the left of the corresponding data youwant to extract.For example:In the above VLOOKUP example, you will see that the “good table” can easilyrun the function to lookup “Bananas” and return their price, since Bananas arelocated in the leftmost column. In the “bad table” example you’ll see there isan error message, as the columns are not in the right order.This is one of the major drawbacks of VLOOKUP, and for this reason, it’s highlyrecommended to use INDEX MATCH MATCH instead of VLOOKUP.corporatefinanceinstitute.com151
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