The following video is borrowed from our BusinessTraining.com platform and was originally recorded for our financial analyst training program. In the following video, you will watch a step-by-step tutorial on how to create named ranges in excel.
Video Transcript/Summary: The strategies and tips provided within this video module include:
- In order to create a named range in Excel, you first need to create or define the name you have to apply.
- Instead of using SUM function to add up a column of numbers, you can replace the cell description part of the function with a more descriptive name, which is known as the named range. So, instead of SUM function, you might use PRODUCT COST, which is more descriptive, can be sued in complex models and there is no need to search back what the data is about.
- The first step is to open a new worksheet and enter the data table. You have to create/define the the name first and then apply it.
- To define the name, select the cell range, go to Insert – Name – Define. The define name box will appear and suggest product cost automatically.
- To apply the name, stand on the cell that contains the formula. Got to Insert – Name – Apply. The Apply names will appear and you should click OK, where the formula in the cell will be replaced by SUM(Product_Cost).
- For those with Excel 2007, go to the Formulas menu – Named cells panel – Name a range menu – Name a range. You will then get the dialogues box New Name, suggesting the Product_Cost already. Click OK. You now have to apply the name so the Named Cells panel, click Name a Range menu and select Apply Names. Excel will suggest Product_Cost for you so you just need to click OK. After clicking OK, Excel will remove the formula part containing the cell references and replace it with the Product_Cost or any other name you defined.
I hope that this video has showed you how to easily create named ranges in Microsoft Excel.
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