Defining a Name for a Constant or Formula is an excellent practice in Excel. It can simplify the use of your Excel workbook, (especially by others who may inherit the maintenance of the workbook), and add a touch of elegance as a bonus.
This “elegance” is achieved by using descriptive Names, rather than cold cell references.
Defining a Name Is Very Straightforward:
1. Select the Formulas ribbon and then click on Define Name
2. Type the Name and Scope (typically the workbook…)
a. Inserting a Comment is optional, but recommended in many cases
3. in the Refers To dialog box, type the reference to the constant or formula and click OK
Although this practice of Defining Names may not seem like a Big Deal in your Excel life, it can add an easily accomplished additional touch of professionalism to your work. Give it a try!