Neither, Excel looks at the interrealtionship between cells i.e what is
dependant upon what, looks at what has changed since the last calculation and
then work out a calculation sequence. It then calculates and stores that
information ready for the next calculation. Not sure if this has changed for
2007 but it would seem unlikely to have.

Mike

"Weaver Dean" wrote:

Row x row, or col x col? Are all iterations performed on a cell before going
to the next one? Excel 2003