The statement "sumproduct is a function that returns the sum of the products of elements in a set of arrays" is a true statement. Sumproduct is a function in we can use in Excel.
The SUMPRODUCT function is categorized under the Excel Math and Trigonometric functions. The function will multiply the corresponding elements of a given array and then return the sum of the products. It is used to calculate the weighted average.
For some jobs like financial analyst, SUMPRODUCT is a very handy function as it can process tables in different ways and helps to compare data in two or more ranges. It also helps to calculate data with multiple criteria.
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