Excel & Business Math - VLOOKUP Function for Incentive Pay: Commissions & Piecework

Overview

Dive into an extensive video tutorial on using the VLOOKUP function in Excel for incentive pay calculations, including commissions and piecework. Learn to build lookup tables and explore various incentive pay structures such as straight piecework, variable piecework, and different commission models. Master the application of VLOOKUP with both exact and approximate matches, and discover how to streamline payroll calculations for entire employee tables. Gain practical insights into creating lookup tables from scratch, combining multiple VLOOKUP functions into a single formula, and applying these techniques to real-world business scenarios. By the end of this comprehensive lesson, acquire the skills to efficiently handle complex incentive pay structures using Excel's powerful VLOOKUP function.

Syllabus

) Introduction.
) Incentive Pay such as: Straight Piecework, Variable Piecework, Straight Commission, Variable Commission Rates, Commission Rate Based on Amount of Sales.
) Straight Piecework Example.
) Variable Piecework Example Making the Calculations Long-Hand.
) Why Excel is so Helpful AND why we must be REALLY Knowledgeable with Excel..
) Variable Piecework Example Making the Calculations with the “Lookup Table Method”.
) Creating the Lookup Table from Scratch.
) Variable Piecework Example Making the Calculations with the “Lookup Table Method & VLOOKUP Function using Approximate Match”.
) Variable Piecework & VLOOKUP & Approximate Match Lookup for Entire Payroll Table:.
) What is VLOOKUP Function?.
) “Mash” all 3 VLOOKUP Functions into Single Formula using Clipboard:.
) Lookup Tables are Everywhere.
) Straight Commission Rates.
) VLOOKUP & Exact Match Lookup for Straight Commission Rates When each Employee has Different Rate.
) VLOOKUP & Approximate Match Lookup for Variable Commission Rates; Make Lookup Table and use VLOOKUP.
) VLOOKUP & Approximate Match Lookup for Commission Rate Based on Amount of Sales Made by the Employee.
) Summary.