In the manufacturing and consumer sector, shelf life is a very popular term. It defines the time period between production and expiration. In a broader aspect, shelf life denotes the span of a product’s length of usability in a form of values and percentages. Microsoft Excel has benefitted us with the calculation of the remaining shelf life after production until its end period. Therefore, in this article, we will guide you on how to calculate the remaining shelf life percentage in excel in easy steps.
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Step by Step Procedure to Calculate Remaining Shelf Life Percentage in Excel
In this section, we will describe the process of calculating the remaining shelf life percentage. The end product will work as a template for future calculations. Simply follow the steps below:
Step 1: Prepare Dataset
Let us prepare the initial dataset for calculation.
- First, insert the product names in the Product column.
- Then, insert the manufacturing date in the MFG Date column.
- Lastly, provide the information on the length of use in the Duration of Usage column.
- Make sure you define the unit of duration.
- For example, we gave all durations in Days.
Read More: Percentage Formula in Excel (6 Examples)
Step 2: Calculate Date of Expiration in Excel
Now we will calculate the date of expiration for each product in the dataset. Let’s check the process below:
- First, insert this formula in cell E5.
- Then, press Enter.
- Here, you will see the expiry date of the first product based on the MFG Date and duration.
- Now, use the Fill Handle tool to drag this formula in cell range E6:E9.
Additional Tip: If your duration of usage is in weeks, months or years, then apply these formulas for each type of duration.
- For 3 weeks:
- For 3 months:
- For 3 years:
Step 3: Find Out Percentage of Completed Shelf Life
Now, we will calculate how much time the product has passed after its production. It is termed the Completed Shelf Life. Here we will calculate the percentage of time.
- First, insert this formula in cell F5.
- Next, press Enter.
- That’s it, we have our first value of Completed Shelf Life.
Here, we used the YEARFRAC function to calculate the value of duration between the manufacturing date and the expiry date in fractions. Afterward, format the cell in percentage.
- Following, apply this formula in cell range F6:F9 using the AutoFill tool.
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Step 4: Calculate Remaining Shelf Life Percentage
Finally, we are at the stage where we will calculate the remaining shelf life percentage. Following is the procedure:
- First, insert this formula in cell G5.
Here, we want the values in a percentage format. Therefore, we deducted F5 from 1 instead of 100. Because the value in cell F5 is also in percentage.
- Next, hit Enter.
- That’s it, we have our first value of Remaining Shelf Life Percentage.
- Lastly, drag the bottom corner of cell G5 up to cell G9 to get values for each product.
Step 5: Check Expiration Status in Excel
So far, we achieved our goal to calculate the remaining shelf life percentage of our listed products. But we also need to know the status of the expiration of each product. Therefore, here is the solution.
- First, insert your present-day in cell D11 according to your region.
- For example, we inserted the present day as 10 August 2022 for calculation.
Note: You can use the TODAY function to find the present day based on your region. In this case, simply apply this formula in cell D11.
- Now, insert this formula in cell F5.
- Thereafter, press Enter.
- Here, you will see that the first product is showing an expiration status based on our present day.
Here, we used the IF function to make a comparison between the values of cells D11 and E5. The output will be established on the condition Expired.
- Lastly, apply this formula in cell range F6:F9 and you will get the final output.
Things to Remember
- Make sure you insert the dates in Date format before calculation.
- For getting output in percentage, make sure to format the result cell in the Percentage format.
- If you want to find the Duration of Usage, simply apply this formula.
=Expiry Date - MFG Date
- Be conscious of blank cells in your dataset. Otherwise, it will show a false result.
So, that’s all for today. Hope it was a helpful article for you on how to calculate the remaining shelf life percentage in excel. Let us know your insightful suggestion in the comment box. Follow ExcelDemy for more excel related articles.
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