• Excel employs a common arithmetic process called 'order of operations' when assessing a formula. Excel's order of operations is based on the acronym PEMDAS (Parentheses, Exponents, Multiplication, Division, Addition, Subtraction), but with some tweaks to deal with the formula syntax in a spreadsheet.
• Any expressions in parentheses must first be evaluated. Parentheses effectively override the typical order of operations to guarantee that specific tasks are completed first.
• Excel will then resolve the references. This comprises assessing range references like A1:A5, which become arrays of values, as well as replacing cell references like A1 with the value from the cell. At this time, other range operations such as union (comma) and intersection (space) take place.

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