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If you want to calculate accuracy percentage in Excel, then you’ve come to the right place. There are several ways to calculate accuracy percentage in Excel, and in this article, we’ll try to talk about the 3 quickest ways of calculating accuracy percentage in Excel. Here is an example of our result.
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What Does Accuracy Percentage Mean?
Scientists look at the precision and accuracy of experiment results. In most fields, accuracy is usually given as a percentage. For each measurement, you subtract the observed value from the accepted value (otherwise vice versa), divide that number by the accepted value, and multiply that quotient by hundred(100). On the other hand, precision is a measure of how close the results are to each other. If the results of an experiment are precise but wrong, it usually means that there was something wrong with the way the experiment was done or with the equipment. The same goes for other cases. Like forecasting the demand.
Difference Between Percentage and Accuracy Percentage
Though the two terms “Percentage” and “Accuracy Percentage” seem similar, there is clear difference between them. Percentage means just dividing the observed value by the actual value , then multiplying it by 100. But for Accuracy Percentage, for each measurement, you subtract the observed value from the accepted value (otherwise vice versa), divide that number by the accepted value, and multiply that quotient by hundred(100). So we see there is clear difference between them.
Learn to Calculate Accuracy Percentage in Excel with These 3 Easy Methods
This article shows how to figure out the percentage of accuracy in Excel. One needs to figure out how accurate his business’s demand forecasting is in order to change the way it works or make it more accurate. This is also needed when deciding whether or not a certain discount on an item is good deal. In this case, he can easily calculate with a few simple formulas. Take quick look at the dataset here. Here we see some items’ names. Forecasted demand and the actual demand are given here. We need to calculate accuracy of the demand.
1. Using ABS Function
Here, you can figure out how much of an error there is in Excel by using ABS function. Returns the number’s absolute value. The number without its sign is its absolute value. The accuracy percentage is then found by subtracting error from 1.
⬇️⬇️ STEPS ⬇️⬇️
- At first, we select cell E6. Then we put the formula below:
- Then we press Enter and drag down the formula. The final result will be like this.
📕 Read More: 4 Simple Ways to Calculate Forecast Accuracy Percentage in Excel
2. Inserting IF Function
Here we are going to replace the previous function with IF function. IF Function enables you to compare a value to what you anticipate logically. The difference between this method with the previous method is we are not using the absolute difference here. We are making condition with the IF function here; then we subtract the value from 1. Let’s follow the steps below.
⬇️⬇️ STEPS ⬇️⬇️
- At first, we select cell E6. Then we put the formula below.
- Then we press Enter and drag down the formula. The final result will be like this.
📕 Read More: Calculate Percentage in Excel Using Absolute Cell Reference
3. Combining MIN-MAX Functions
You can also do the same work in Excel with MAX and MIN functions. MAX function gives you the highest number in a range, while MIN function gives you the lowest number. Let’s follow the steps below.
⬇️⬇️ STEPS ⬇️⬇️
- At first, we select cell E6. Then we put the formula below.
- Then we press Enter and drag down the formula. The final result will be like this.
📕 Read More: 6 Ways to Forecast Growth Rate in Excel
📄 Important Notes
🖊️ In Excel, the ribbon is used to access various commands. You can change a lot of things in the options dialogue window, like the ribbon, formulas, proofing, saving, and so on. So the appearance of worksheets on your device could be different from ours.
🖊️ A practice workbook is given so that you can practice yourself.
🖊️ All these exercises and tutorials are done on Microsoft Office 365. Some functions may be unavailable in previous versions.
🖊️ At the side of each Excel worksheet file, there is space where they can practice.
📝 Takeaways from This Article
📌 Readers will be able to calculate accuracy percentages in Excel with various methods.
📌 They are able to calculate accuracy percentage with Excel ABS Function.
📌 Again they will be able to compute accuracy percentage with the IF Function.
📌 Finally, the readers will be able to use MIN-MAX Combination to calculate the accuracy percentage in Excel.
Conclusion
That concludes today’s session. These are the methods for calculating accuracy percentage in Excel. We are hopeful that this article will be extremely beneficial to you. Don’t forget to leave your thoughts and questions in the comments section and explore our website, ExcelDen.com, the best Excel solutions provider.
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