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An excess of interconnected excel files can make you loose your grip on your analysis and management reporting and complicates insight in the information flow.. Do you have a strict policy on the use of Excel files for analysis and management reporting?
I don't think you should restrict the use of Excel files because they are the best analysis tool, but I suggest you to try your best to avoid external links between files, keep the formulas within the same file nd avoid duplicated spreadsheets
Simple.....keep it in the same forlder.... :-|