Use Excel for Exchange Rates of Currency

So, you are getting ready for that trip to Europe, (or wherever in the world you are going), and you would like to download the most up-to-date currency exchange rates directly into the Excel workbook you are using for your trip planning. Piece of Cake!

Here is what you do in Excel 2003:
1) Select cell A1
2) Go to Data / Import External Data / Import Data and choose MSN MoneyCentral Investor Currency Rates
3) Click OK

Bamm! In a few seconds, you will have the exchange rates from countries feom Argentina  to Venezuela!

If you are using Excel 2007 or 2010:

1) Select cell A1
2) Go to Data / Get External Data / Existing Connections and choose MSN MoneyCentral Investor Currency Rates
3) Click OK

Does that Rock or What? I see that today you can get 1,883 Columbian Pesos for one US Dollar today(sounds like a bargain to me…)!

Database Best Practices

It has recently occurred to me that the design, construction, maintenance, and information-mining of Good Databases are the quintessential keystones of knowledge for any Advanced Excel User.

Creating a Database in an ongoing Excel workbook can save you time, money, and frustration. By creating a database for information that is routinely updated, you can automate your reports and simplify your users’ interface.

Today we will look at what constitutes a Good Database, and what pitfalls to watch out for.

First of all, a database should contain data, and that is all! No formulas should exist in a database, just pure Data waiting to be turned into Information on a separate worksheet.

Secondly, there should be no blank rows (as you know, they are called “Records” in a database) and No blank columns (called “Fields” in a database).

Thirdly, put only one piece of data in each field. This will eliminate the need for repeating fields, and make your information-mining much easier.

Lastly, make sure the information is entered in the proper field. If the data entry person (maybe you) cannot find the right place for a piece of data, perhaps the database needs some redesigning.

Now that you have a Magnificent Database, you can Mine it for Information!

Certification in Excel 2010

In these uncertain economic times, it is always good to be able to set yourself apart from your competition through the pursuit of Education and objective Certifications. Anyone can claim to be an Expert in Excel when applying for a new job or elevated position, but those who have bonafide certification from Microsoft will inevitably be held in higher esteem (unless, of course, you are competing against the owner’s nephew…).

Passing the Microsoft Exam 77-882 awards you the Microsoft Office Specialist certification in Excel 2010. Having successfully taken MOS certifications in the past, I can tell you that the preparation work for the testing will most probably introduce you to new skill sets that are outside of your comfort zone. This is, in itself, a good exercise for any Excel Professional.

One note of caution, however: Currently, Microsoft provides very little in the way of formal study materials for the Excel 2010 exam. This can be circumvented, however, by using the plethora of study materials available for the Excel 2007 certification exam and then making sure that you study the new features introduced in Excel 2010. This is important, as Microsoft always likes to test on the new elements being introduced in its latest software upgrade.

In addition to studying the materials for the Excel 2007 certification, it would be wise to become at least reasonably familiar with the following New Excel 2010 tools:

• Sparklines
• Backstage
• Slicers
• New Pivot Table Features
• New Statistical Functions

Becoming Microsoft certified (my wife tells me I am Certifiable, but I think she may be referring to something else…) in Excel can give you a Distinct Advantage in these competitive times. You may wish to consider it…

Spinner Buttons

Since they control the data that can be entered and are easy-to-use, so-called “Spinner” buttons can be a clever addition to a spreadsheet. To add a spinner in Excel 2003 and in earlier versions of Excel, click the Spinner button on the Forms toolbar, and then draw your spinner on your worksheet. (You can size the Spinner to your liking.) To add a Spinner in Excel 2007 (similar in version 2010), click the Developer tab, click Insert, and then click Spin Button in the Form Controls section.

Now you are all set to have some fun! Right-click on the spinner, and then click Format Control. On the Control tab complete the values as follows (this is a test, ma’am or sir, only a test…):

1. Current value: 1
2. Minimum value: 1
3. Maximum value: 10
4. Incremental value 1
5. Cell link: $C$7 (Note: Any of these values can be of your own choosing.)

Now when you click the Spinner control, cell C7 is be updated according to the parameters you set. If you have created a worksheet where other cell values or results are dependent on the value in C7, your worksheet will update according to the quantity you select with the Spinner.

How cool is that! Make your Excel worksheets look like someone spent hours of programming time on them in just 5 minutes. Give it a try (people will think you are a Star!).

Scatterplots and Correlations

For all of you fellow Statistics Fans out there, one of my Excel tools are the Scatterplot (XY) Chart and the Coefficient of Determination function.

A Scatterplot Chart is commonly used to show the relationship between two variables or sets of data. For example, a sales manager could plot the number of sales calls taken with the number of sales made. Another example is comparing the average length of time a customer service representative takes per call and the overall quality score of their calls.

To determine how strong the correlation is between the sets of data, the brilliant (and soon to be more appreciated) Excel user can make a Scatterplot Chart and and then do the following:

1. Right-click on one of the data points and
2. Choose Add Trendline
3. Right-click the Trendline and choose Format Trendline
4. Format the Trendline to your aesthetic preferences and
5. Put a Checkmark next to Display R-squared Value on Chart

The R-squared value is your Coefficient of Determination (COD) that will tell you how strong your data on your two axes.  This will range from -1.00 to +1.00.  In the graph example above the COD value is .5574 (or approximately 56%) representing a strong correlation (and therefore reasonable credible).

That's it in a Nutshell!  Try using a Scatterplot and Coefficient of Determination sometime when seeking the correlation of data sets. It’s easy and can reveal some valuable information.  Just remember, Correlation Does Not Equal Causation...

Working with Excel on iPad

Since you are reading this blog, it is likely that you are a Technophile and also own (or are thinking about owning) an iPad. The iPad can coexist nicely with you other computing equipment, and can provide an Alternative for working on Excel rather than being tied to a full-blown desktop or laptop computer.

There is no doubt that not all Excel’s features are available when working on an iPad. For a great many common tasks, however, it is more than sufficient, and there is something very positive about being Flopped on a Sofa and still having access to your favorite software. Not only that, but as the software makers further refine and create new applications that can handle spreadsheets, the possibilities continue to grow.

Applications

There are a growing number of applications that the Excel Enthusiast / iPad Owner can use. My favorites are Quickoffice’s Quicksheet and Apple’s Numbers. Although DocsToGo is a worthy contender, most users (in my humble opinion) will find the features and user interface more pleasing with the other two apps. I have been using all three applications since shortly after the iPad’s debut and I find I seldom use DocsToGo for anything other than PowerPoint.

Compatibility

While either Quicksheet or Numbers can handle a great variety of formulas, creating Charts in Apple’s Numbers is a real treat. Both of these applications can import and export in Excel format. This is of keen importance, of course, as what good is a spreadsheet if you can’t export it back to Excel.

Navigating/Viewing
Although it may be a bit foreign at first, tapping to select cells and using the convenient selection handles to choose a range becomes second-nature quite quickly. The now commonly-known Pinching Gestures zoom you in or out on your data and charts, and it is easy to get hooked on these new ways of getting around a spreadsheet.

Sharing
Once you have created your spreadsheet masterpiece on your iPad tool, you can easily email it in its original Apple format, a PDF or, of course, as an Excel document.

Although some proclaim distain for this new way of interfacing with your data, I firmly believe that if you give it a chance, you will find that it makes a Pleasant and Productive alternative way of working with your Excel creations.

Cheers!

Easter Eggs

Well, it’s not exactly Easter, but it is always fun to reminisce about the so-called Easter Eggs that have been hidden in Excel. Virtual Easter Eggs are hidden games or messages that are built into software by crafty developers who have a Sense of Humor and enjoy building in a bit of intrigue for the “Insiders” who wish to search for the cryptic content.

The term, Easter Egg, was coined in the late 1970s at Atari by the renowned computer game designer, Warren Robinett. Since at that time designers were not given credit for the games they created, the clever Robinett included a hidden screen which said “Created by Warren Robinett”.

The Excel 97 version had a very ambitious Flight Simulator hidden within the application. Using a rather simple combination of keyboard commands brought you to this remarkable simulator.

Although more difficult to access, Excel 2000 included a Car Racing Easter Egg which resembled Spy Hunter.

Excel 2003 included an Office Quiz featuring the Crabby Office Lady. If you still have this version and you are connected to the internet, you can access this egg by typing in “Tortured Soul” in the search box.

Although there have been rumors to the contrary, there are no widely-known hidden gems (or germs, depending on your view…) in Excel 2007 or Excel 2010. The general consensus is that Easter Eggs have been eliminated from Excel due to potential security concerns. The inclusion of these eggs have also come to be considered Unprofessional (some people just don’t like to have any fun…)

If, however, you know of any eggs in these later Excel versions, please write to me at ExcelEnthusiast@gmail.com. I would love to share them with our merry group! Cheers!