Excel Formulas Useful for Production, Operations, and Manufacturing Management

This is a continuously updated list. For the most recent update, please visit my Notions.so website here.

FormulaTagsBrief DescriptionExample Video or Manual
AVERAGE(range)StatisticsCount the average of the range
COUNT(range)StatisticsCount number of numeric values within the range
EXPON.DIST(x, lambda, TRUE)StatisticsProbability that a unit will fail within x hour given the hourly failure rate is lambda
NORM.DIST(x, average, sd, true)StatisticsProbability that is smaller than the provided x given the average and the s.d.https://support.office.com/en-us/article/norm-dist-function-edb1cc14-a21c-4e53-839d-8082074c9f8d
NORM.INV(p, average, sd)StatisticsSeeks that value x such that NORM.DIST(x, mean, standard_dev, TRUE) = probability
RAND()StatisticsGenerate random number between 0 and 1. Follows uniform distribution.
RANDBETWEEN(min, max)StatisticsGenerate random number between the value of the min and the max. Follows uniform distribution.
STDEV.S(range)StatisticsCount the standard deviation of the range. It considers the range as a sample
AND(cond1, cond2)LogicalTesting two more conditions, return TRUE when all conditions are true.
IF(condition, value_if_true, value_if_false)LogicalConditional statement.https://support.office.com/en-us/article/video-advanced-if-functions-17341cef-510d-4d60-a657-913f878fdacf
OR(cond1, cond2)LogicalTesting two more conditions, return TRUE as long as one condition is true.
SUMPRODUCT(range1, range2)MathHandy in calculating weighted averagehttps://support.office.com/en-us/article/video-weighted-average-c1ad3cd4-cf64-4461-b3b7-0767498b2135
COMBIN(number, sample_size)MathNumber of different ways to choose sample_size from number. For example, 3 choose 2 = 3, there are three different ways of choosing 2 combination out of 3.

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