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Default Linking data from one worksheet to another...

I have two worksheets in different workbooks, one as a master list, and the
other as a sub list, with candidates names and information (I'm in Human
Resources). I'd like to link them so that whatever changes I make to one
worksheet, is automatically updated in the other. Is this possible? If so,
how can it be done? Would I need to put both worksheets in the same workbook
for this to work? Thanks!
 
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