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In this Excel tutorial, the presenter explains how to use the Replace function in Microsoft Excel. The video outlines the function's parameters and implementation tips. To begin, the Replace function is demonstrated in cell B2. The presenter emphasizes the importance of practical usage for learning. The Replace function is designed to replace part of a text string with another text string. The first parameter required is the "old text," which is the text you want to replace. Further details about the remaining parameters and examples of implementation are provided throughout the video. The tutorial aims to clarify the usage of the Replace function effectively.