But today, we will discuss the concept of names, which make it easier to build, use, and understand formulas.

Names can be used to name MS Excel objects like cells, cell ranges, tables, formulas, constants, etc.

Let us further our understanding with the help of an example.

I need to calculate the simple interest for the following data.

The first and the easiest method is to use the Name text box on the top left of the sheet, just below the ribbon and the task bar.

When you have selected a cell, a range or any object, type a name in the box and hit Enter.

So, if you want to use it in a different sheet you have to precede it with the sheet name.

Lets try the second method.

For this, select a range, navigate to Formulas - Defined Names and click on Define Name.

This is where you can select the scope of the name for the entire workbook instead of just one sheet.

Generally, we have the tendency to name data (rows and columns) based on the header.

When thats whats needed, select your data and hit on Create from Selection.

Cool Tip: When you create tables on a worksheet they are assigned names automatically.

However, you may change the names from the Name Manager window.

Once you get used to names, you can create and use formulas with ease.

It may take some time to learn and get into this habit, but I suggest you put in the effort.

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