Defined names aren't just for ranges. You can use a defined name to define a constant value, such as a discount amount. Use the feature as you normally would, entering the literal value or expression that evaluates to the desired value into the named cell. For instance, select a cell and choose Name from the Insert menu. Then, select Define. Enter the descriptive name Discount and click OK. Now, in the same cell, enter the actual discount amount, say 3 percent (just enter .03). Now, you can use the defined name, Discount, in your formulas instead of entering the literal value .03. For instance, Excel would use .03 for Discount when evaluating the following formula:
=TotalPrice - (TotalPrice * Discount)
This quick tip has two benefits: It makes updating much simpler, as you can quickly change the value in Discount and Excel will automatically update all dependent formulas. And it eliminates data entry errors.
