I have a workbook where the functions reference a different workbook; why
does it take soooo long for my worksheet to update?

Also is there a way to simplify the formula below?

Example:
workbook 1 - LOG.xls
Part # Inspection Date Rejection 1 Rejection 2 Rejection 3
Rejection 4
5670 1/9/2009 Documents Application
5671 1/15/2009
5672 2/3/2009 Testing Documents
5673 2/25/2009 Applcation Testing Documents
Identification

workbook 2 - REJECTIONS.xls
# of Document Rejections in Jan. 2009 =CURRENT FORMULA (see below)
# of Application Rejections in Jan. 2009
# of Testing Rejections in Jan. 2009
and so on for each rejection type and month

CURRENT FORMULA:
=(SUMPRODUCT(--(LEFT('[LOG.xls]2009'!$C$2:$C$4)="D"),--(MONTH('[LOG.xls]2009'!$B$2:$B$4)=1),--(YEAR('[LOG.xls]2009'!$B$2:$B$4)=2009)))+(SUMPRODUCT(--(LEFT('[LOG.xls]2009'!$D$2:$D$4)="D"),--(MONTH('[LOG.xls]2009'!$B$2:$B$4)=1),--(YEAR('[LOG.xls]2009'!$B$2:$B$4)=2009)))+(SUMPRODUCT(--(LEFT('[LOG.xls]2009'!$E$2:$E$4)="D"),--(MONTH('[LOG.xls]2009'!$B$2:$B$4)=1),--(YEAR('[LOG.xls]2009'!$B$2:$B$4)=2009)))+(SUMPRODUCT(--(LEFT('[LOG.xls]2009'!$F$2:$F$4)="D"),--(MONTH('[LOG.xls]2009'!$B$2:$B$4)=1),--(YEAR('[LOG.xls]2009'!$B$2:$B$4)=2009)))