When evaluating a formula, Excel follows a standard math protocol called “order of operations”.

First, any expressions in parentheses are evaluated.

Parentheses essentially override the normal order of operations to ensure certain operations are performed first.

Next, Excel will resolve references.

Other range operations like union (comma) and intersection (space) also happen at this time.

Finally, Excel will evaluatelogical operators, if present.

multiplication and division, or addition and subtraction), Excel will evaluate the operators from left to right.