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0202 LARGE() & SMALL() - For Bidding/Auction Pricing Strategies

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Transcript

Hello there, if your work involves making decisions based on the quotation submitted by the vendors on different tasks, and you have to evaluate which price is the lowest, second lowest, and so on, then this particular video session interaction is going to be really, really helpful. Let's see what the story is all about. So I've invited quotations from various vendors for these two tasks, that is documentation and advisory, they have submitted their price bids. Now I wish to find out the lowest price and the second lowest price. Now finding the lowest price is not going to be a difficult task because you can simply use the min formula. And there you go.

That's the lowest price. But what if you wanted to find the second lowest price? For this, I have a formula for you called small, small formula asks for two things. One, it needs an array where the numbers are present. Notice I have not chosen the text value. I've just chosen the four numbers in this case Put comma, and then it asks me, do you want lowest price?

Second lowest price. So I need to give a digit one indicating l one. l one is a term which is quite often used in the vendor evaluation process, talking about lowest price. And if you want Louis second lowest price, put two. There you go. That's the second lowest price.

Yep, I see 23.4 right. Now let me conclude this with a formula large Now where is large formula used? In case you're talking about bidders auctioning process involves several bidders vying for one masterpiece or one particular asset and B perhaps want to give it to the highest bidder or maybe the second highest bidder. Or perhaps you want to find out the price difference between the highest bidder and the second highest bidder. In that case, we will be using large formula so there you go. La RG e tacky, and if I choose and our array I will put comma one is equal to max formula but it's You want it to this will give you second highest bidder.

Let me keep it to one and using the same formula. Let me also write large, choose the array and then put to. This also allows me to see the difference between the highest bidder and the second highest bidder. So on occasions where we feel the asset will need to be transferred to a second highest party, and there's not much of a price difference, we might as well make that judgment. So then you go in contrast to min max, you have small and large, often used in vendor evaluation, bidding process and auctioning process.

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