I just know it for last 2 years. (Thx Mr. Wu fooshen to teach me)
Let's make use of useful feature from now.
I will give you a sample data of Loan Rate for Commercial Banks in Thailand.
I would like to highlight those Loan Rate that above average to red and below average to green.
1. select Cells you want.
2. Click at Conditional Formatting button

3. Choose Highlight Cells Rules -> Greater Than...

4. Select Cell value to compare with. I select average cell value

5. Define Format for those greater than average value, you can select pre-defined format or also create Custom Format for your own

6. Click OK, you will see those greater than average were highlight :)

7. Now is another way to add/edit/delete conditional formatting.
8. Go to Conditional Formatting -> Manage Rules...

9. You would see created rule here, now click New Rule...

10. Create another rule for less than average by select a Rule Type to Format only cell that contain -> Cell Value less than [average cell value]
11. Then click at Format... button to define format for those value less than the average.

12. You would see now there are 2 created rules.

13. Here is result, it is very easy to find which bank has Loan Rate below or above the average.

14. In another way, usually I use conditional formatting for tracking my team's job.
I create conditional formatting for each job's status.

15. Then Create List to let me select each status from Dropdownlist. (Create List in Excel)

16. When I change status for each issue, color or formatting will change for me autometically :)

enjoy Excel !!!
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