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EXCEL SMALL FUNCTION
Excel SMALL Function Introduction
The SMALL Function is a Statistical function. It will return numeric numbers depending on their position in a value-ordered list. It just computes and delivers the k lowest value in a dataset.
The SMALL function can be used in financial analysis to identify the lowest value in a given set of values. For example, if all salespeople are given the same objective, we may determine which one met the sales target in the least amount of time for a particular year.
Description of Excel SMALL Function
Syntax:
=SMALL(array,k)
Parameter liat:
The following parameters are passed to the SMALL function:
1. Array (mandatory parameter) – This is an array or range of numerical data for which we are looking for the k lowest value.
2. K (mandatory parameter) – This is the lowest value in the provided array.
Step By Step Guide of SMALL Function
Example :
Assume we are given the following information about many runners, including their start and finish times:
- The SMALL function may be used to obtain the nth lowest number from a set of data, i.e. the first, second, or third quickest timings in a race.
- The following formula will be used to choose the winner: The following formula will be used to determine the first runner-up:
- As a consequence, we receive the following results:
Key Points
1. #NUM! error – Occurs when: • the supplied array is empty; or • the specified value of k is less than or equal to the number of values in the given array.
2. #VALUE! error – Occurs when the supplied k is not a numeric value.
3. If n is the number of data points in an array, SMALL(array,1) returns the lowest value, whereas SMALL(array,n) returns the biggest value.
4. The SMALL function will occasionally return an incorrect result or a #NUM! error, even though the provided value of k is between 1 and the number of entries in the supplied array. It will happen if we give text values or text representations of numbers within the provided array. Text values are ignored by the function. As a result, if the values in the given array are text representations of numbers rather than actual values, this problem may emerge. We can fix this problem by transforming all array values to numbers.
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