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The CHOOSE Function

2:37 with Michael Watson

The CHOOSE function allows you to enter an index number and return a value based on that index. It's used regularly for applying different scenarios to business forecasting.

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    The CHOOSE function allows you to enter an index number and 0:00
    return a value based on that index number. 0:03
    We use the CHOOSE function regularly for 0:06
    applying different scenarios to our forecasting tools. 0:08
    In this example we're looking at a very simple business, 0:11
    we have sales, costs, then profit or loss. 0:14
    We can use the CHOOSE function to determine how different amounts of sales 0:20
    will impact our profit or loss. 0:23
    So here, we've entered CHOOSE, then we have the index number, 0:25
    B13, in this case B13, then all the different indexes. 0:31
    So, let's retype this formula so we can learn it together. 0:36
    CHOOSE index, 0:41
    in this case cell B13 then a comma and then all the different choices. 0:46
    In this case we want different scenarios for the amount of sales we get, so 0:53
    I'm gonna select E13 as the first choice. 0:56
    Then choice two, then choice three, so forth and so 1:01
    on, until I've selected all the different choices. 1:04
    I'm gonna close the parentheticals, and hit Enter. 1:09
    So, because the index number here is 5, 1, 1:13
    2, 3, 4, 5, the formula returns 50,000. 1:18
    If I chose 1 as the index number, it would return the first choice, or $10,000.00. 1:24
    Let's see what happens when we apply different cost scenarios too. 1:30
    With $10,000.00 in sales and 1:34
    $45,000.00 in costs, we lose $35,000.00. 1:39
    What kind of cost will we need to turn a profit in the $10,000 sales scenario? 1:44
    So I'm going to make this cost, Now based on the index number as well. 1:51
    I'm selecting the different choices. 2:02
    And you can see that in this hypothetical example when we sell $10,000 and 2:08
    have $10,000 in costs, then we have no profit. 2:12
    But what if I wanna play around with these numbers so I can show a profit? 2:16
    Well, 5,000, 6,000, I can just change the index number and 2:21
    it'll return different scenarios and 2:27
    automatically update the cells that are referencing them. 2:31

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