Common questions about the VALUE formula:
-What does the VALUE formula do?
-What are the arguments/parameters of the VALUE formula?
-How can the VALUE formula be used to convert text to numbers?
How can the VALUE formula be used appropriately:
-The VALUE formula can be used to convert numeric values stored as text, e.g. currency symbols, delimitation marks, or unit names to numbers. This is often accomplished by applying the VALUE formula inside a matrix formula such as SUM, AVERAGE or MAX.
How can the VALUE formula be commonly mistyped:
-Value formulas can be mistyped if the parameters are incorrect. For example, when using numerical entries in text format, the VALUE formula includes quotes within the argument to convert the text into a number. Without quotes, the VALUE formula will return an error.
What are some common ways the VALUE formula is used inappropriately:
-The VALUE formula can be misused if used to set a cell to a numerical value. For example, if a cell contains numerical text such as ""$3.50"", using the VALUE formula converts that text into a number, which will be stored as a value in the cell. If the cell was meant to contain text instead, the value formula cannot be utilized.
What are some common pitfalls when using the VALUE formula:
-When using the VALUE formula with data stored as text, the values must be correctly delimited. If not formatted properly, using the VALUE formula to convert the text to a number will result in errors or inaccurate calculations.
What are common mistakes when using the VALUE Formula:
-Applying the VALUE formula to a cell that already stores a numerical value will result in an error. Furthermore, if the value does not contain valid characters (i.e. numerals and certain punctuation marks) the VALUE formula will return an error.
What are common misconceptions people might have with the VALUE Formula:
-A common misconception with the VALUE formula is that it can convert any type of text into a number, regardless of the data type. However, the VALUE formula is limited to numerical data, and cannot convert text stored in other formats such as dates or logical values (e.g. TRUE/FALSE).