This page describes the use of Named Ranges in Excel. Named Ranges are a powerful tool in Excel that allows you to assign a meaningful name to a single cell or a range of cells.
Formulas are more readable and meaningful.
Named Ranges, by default, always use absolute cell references. Named Ranges make it easier to create well organized and attractive workbooks. You can use a named reference, rather than a cell address, in formulas, and then define that name to a specific cell after you've designed the workbook. With Named Ranges, you won't have to edit and change the dependent formulas. Just change the reference of the name.