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• However, this practice does not follow best practice Period Start Jan-09 Apr-09 Jul-09
Period End Start End 30-Sep-08 Mar-09 Jun-09 Sep-09
methodology and should be avoided. When faced with this Construction 1-Oct-08 31-Dec-08 - - -
issue, it is best to use an IF to have values displayed as 0 Operations 1-Jan-09 30-Sep-13 1 1 1
instead.
Hard-Coded External Links
• By masking an error with the ISERROR function, the user
Cost Categories
may overlook a potential error in the model. Category A USD M 142.5 5.3 5.5 5.8
Category B USD M 123.5 4.3 4.5 4.8
Category C USD M 104.5 3.3 3.5 3.8
MMULT Category D USD M 85.5 2.3 2.5 2.8
• This is an array formula which is too difficult for most people Selected Cost Category
Selected Cost Category Category B
to understand as it involves matrix multiplication.
Tutorial Calculations
• Most transaction models do not require the complexity of
MATCH
matrix multiplication. Row #
Selected Cost Category Category B 2
NPV OFFSET
Row #
• NPV assumes that the evaluating cashflow line is annual. Selected Cost USD M Category B 2 123.5 4.3 4.5 4.8
Worksheet #3 – “RETURN”
Worksheet #3 illustrates the application of XNPV and XIRR to
calculate return. These functions should be used instead of NPV
and IRR.
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