I am creating a sheet that lists various assembly components (part number &
part description - in two separate columns), and I would like to be able to
enter in the part number, and have Excel automatically fill in the part
description based on that part number. The list I am creating uses many
parts over and over again for several assemblies, so it would save valuable
time if I could streamline this process.

Is there a way I could have some sort of master list, where all part numbers
are listed with their associated descriptions, and use that as a reference?