I am working on a large worksheet (50 meg, 13,000 rows) not of my making.

It has a huge number of embedded IF statements with VLOOKUPS also
embedded in them.

Each file is set to calculate manually after large segments of data are
pulled out
and replaced. the calculation can take over an hour.

Question: How does excel evaluate embedded IFs. If the first value is true,
does Excel take that value and stop or does it evaluate all the IFs in the
formula regardless of whether the first one is true?

I would say that in Formula "A" the likelyhood of the first IF condition
evaluating to true is less than thirty percent. The likelyhood of the
second IF condition evaluating to true is less than twenty percent. The
likelyhood of the third IF condition evaluating to true is more than sixty
percent.

Would rearranging the order of the formula components make calculation
faster.

Thx for any help/ideas