How to use Vlookup Function for Approximate Match.

 

How to use Vlookup Function for Approximate Match. ( video transcript)

The Vlookup function is a very important and powerful function in Excel. There are two major kinds of VLOOKUP that use one for approximate the other is for an exact match. Let’s start with the approximate approach.

We have here a discount rate table. based on the subtotals here in column D, we will approximate the reduction rate comparing with the Lookup table here.

The Vlookup function will pick data from this column, compare its value with this amount, and apply the approximate discount from Column J.

Let’s’ enter this formula. =Vlookup (The lookup table is column C, the subtotals, and the table array is this table, the discount table, select it and column index is 2, we start counting from the left that is 2 and finally select the approximate match.)

Now we have this amount. If we want to copy the formula to down, we need to make the lookup table absolute. So go and select the reference and press F4. Now it is fixed.

So this is a good example of using the Vlookup function for an approximate match. In the next lecture, we will explore how Vlookup will be used in the exact match.