70% of business spreadsheet errors stem from incorrect lookups or flawed logic (Source: KPMG)
Top consulting firms test these functions rigorously in case interviews
| Function | Pros | Cons | Best For |
|---|---|---|---|
| VLOOKUP | Simple syntax | Fragile (breaks if columns shift) | Quick ad-hoc analysis |
| INDEX-MATCH | Flexible (left/right lookups) | Complex for beginners | Large datasets needing stability |
| XLOOKUP | Defaults, reverse search, cleaner errors | Not in older Excel versions | Modern financial models |
Business Case:
"A retail chain needs to merge online/offline sales data where SKUs don't align perfectly" → XLOOKUP with approximate match & if_not_found
=FILTER(SalesData, (Region="West")*(Qty>100), "No matches") =UNIQUE(FILTER(Clients, Year="2024"))
Academic Application:
"Extract all unique journal titles from a messy research database"
=IFS(Score>=90,"A", Score>=80,"B", TRUE,"C") // Clean alternative to: =IF(Score>=90,"A",IF(Score>=80,"B","C")) // Nested hell
Assignment:
Rebuild a client tiering model using XLOOKUP & IFS that auto-updates when CRM data changes
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