By using names, you can make your formulas much easier to understand and maintain. You can define a name for a cell range, function, constant, or table. Once you adopt the practice of using names in your workbook, you can easily update, audit, and manage these names.
Name a cell
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Select a cell.
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In the Name Box, type a name.
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Press Enter.
Define names from a selected range
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Select the range you want to name, including the row or column labels.
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Select Formulas > Create from Selection.
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In the Create Names from Selection dialog box, designate the location that contains the labels by selecting the Top row,Left column, Bottom row, or Right column check box.
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Select OK.
Excel names the cells based on the labels in the range you designated.
Use names in formulas
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Select a cell and enter a formula.
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Place the cursor where you want to use the name in that formula.
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Type the first letter of the name, and select the name from the list that appears.
Or, select Formulas > Use in Formula and select the name you want to use.
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Press Enter.
Manage names in your workbook with Name Manager
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On the Ribbon, go to Formulas > Defined Names > Name Manager. You can then create, edit, delete, and find all the names used in the workbook.
Source: Microsoft