Examples could be anything from a tax rate to an estimated inflation rate. How Do I Use Named Ranges?Īs a financial analyst, I play around with a bunch of rates. This allows the user to easily understand how the formula is calculating without having to waste time searching through cells to figure out what is what. Hopefully, you can clearly see option number TWO gives you immediate insight to whether the cost of the products includes shipping costs. =(ShippingCharge + ProductPrice * Quantity) * (1 + TaxRate) Let's look at a quick example: Can you tell if shipping costs are charged with the product price? The HUGE benefit to using Named Ranges is it adds the ability to describe the data inside your cells.
Creating a named range allows you to refer to a cell or group of cells with a custom name instead of the usual column/row reference.
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