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In this video tutorial, the presenter demonstrates how to use the IFERROR function in Excel to address error values resulting from missing data. Specifically, an error appeared when calculating the percentage for "Matthew" due to absent marks. To resolve this, he uses the IFERROR function to replace error values with a blank or a custom message. By applying the formula, users can conveniently eliminate error messages from their Excel sheets. When dragging the formula down, the blank space or a specified message replaces the error. The tutorial concludes with a call for viewers to subscribe to the channel.