Final answer:
Linked workbooks are separate Excel files connected through formulas, while consolidation worksheets combine data from different sources.
Linked workbooks maintain original data in each file, while consolidation worksheets store consolidated data in a single location.
Step-by-step explanation:
Linked workbooks allow users to create a consolidated view of data by summarizing information from multiple workbooks into a single workbook.
Consolidation worksheets, on the other hand, are worksheets specifically created for the purpose of combining data from different sources into one central location.
One key difference between linked workbooks and consolidation worksheets is that linked workbooks maintain the original data in each individual file, while consolidation worksheets store the consolidated data in a single location.
Another difference is that linked workbooks require formulas or references to connect the data, whereas consolidation worksheets use built-in Excel functions or tools to gather and consolidate the data.
For example, if you have multiple Excel files with sales data for different regions, you can link these workbooks together using formulas to display the total sales across all regions in a consolidated workbook.
On the other hand, if you have sales data in different worksheets within one workbook, you can use a consolidation worksheet to combine and summarize this data into a single worksheet.