Any range in Excel can be associated with a name that can be used to reference that range anywhere in the workbook. Naming ranges is particularly useful if you are referencing a particular cell, such as a Start Date on the Options sheet, in several worksheets. Entering a name like "StartDate" in the Name Box in the upper left corner of the Excel screen makes referencing the date cell much easier as you design the rest of the report. You must press Enter after typing in the name, or Excel will not save it. There is one caveat to using Named Ranges which occurs when you are nesting formulas as parameters for other formulas. An example of this is the If statement below that outputs "More" if the sum of B5:B10 is greater than 10 and "Less" otherwise:
The cell references in the above formula cannot be named ranges, they have to be cell references like they are now since the Sum formula is nested in the If formula. However, you could still use a named range if you used another cell for the Sum formula and had the if statement reference that cell.