The MIN function in Excel returns the smallest number in a set of values. Here's how it works:

Syntax:

```excel

MIN(number1, [number2], ...)

```

Arguments:

* number1 (required): The first number or reference to a cell containing a number.

* number2 (optional): Additional numbers or references to cells containing numbers. You can include up to 255 arguments.

How it works:

1. Input: You provide the MIN function with a list of numbers (either directly or by referencing cells containing numbers).

2. Comparison: The function compares all the numbers in the list.

3. Output: The MIN function returns the smallest number from the list.

Example:

* Cell A1: 10

* Cell A2: 5

* Cell A3: 15

The formula `=MIN(A1:A3)` would return 5.

Important notes:

* The MIN function ignores text values and empty cells.

* If any of the arguments contain errors, the function will return an error.

* You can use the MIN function with arrays or ranges of cells.

Uses of the MIN function:

* Finding the lowest value in a dataset.

* Determining the minimum price, quantity, or other metrics.

* Calculating the smallest difference between two numbers.

* Creating conditional formatting rules based on minimum values.