Use VLOOKUP to Allocate Budgets to Departments Based on a Predefined Table
The VLOOKUP function in Excel is an incredibly useful tool that allows you to search for a specific value in the first column of a range or table and return a value in the same row from a specified column. This function can be particularly beneficial for allocating budgets to departments based on a predefined table. In this article, we will guide you through an example of how to use VLOOKUP for this purpose.
Example
Here is an example table that we will use to demonstrate the VLOOKUP function. This table contains a list of departments with their corresponding budget allocations.
| Department | Budget |
|---|---|
| HR | $50,000 |
| Finance | $75,000 |
| IT | $100,000 |
| Marketing | $60,000 |
Exercise
Task: Use VLOOKUP to find the budget allocated to a department based on its name.
Steps:
- Enter the Department Name in cell A7.
- Use the VLOOKUP function in cell A8 to find the Budget.
Solution
Here is how you can set up the VLOOKUP function:
Budget Lookup
=VLOOKUP(A7, A1:B4, 2, FALSE)This formula looks up the Department Name entered in A7 within the range A1:A5 and returns the corresponding Budget from the second column within the range A1.
By entering a Department Name in cell A7, the VLOOKUP function will automatically retrieve and display the Budget of the department in cell A8.
Explanation of the Solution
In the solution, the VLOOKUP function searches for the Department Name in the first column of the given range. If it finds a match, it returns the corresponding value from the second column. The fourth argument (FALSE) ensures that the function looks for an exact match. This setup ensures that users get accurate and relevant budget allocations for the departments they are looking up.
Feel free to enter different Department Names in the embedded sheet to see how the VLOOKUP function dynamically retrieves and displays the departmental budgets.