You can create a system ODBC DSN pointing to your excel spreadsheet and then use it to create the dynamic schedule in CRD.

Could you please list the steps. I am not able to figure that out.

1. Create your excel spreadsheet and save it to a location that CRD has read/write access to
2. Open Control Panel -> Administrative Tools -> Data Sources (ODBC)
3. Select the "System DSN" tab
4. Click the "Add" button
5. Select "Microsoft Excel Driver (*.xls)" from the list of ODBC drivers
6. Click "Finish" button
7. In the next window, enter the data source name in the relevant field
8. Click the "Select Workbook..." button and then select the spreadsheet you created in step 1
9. Click "OK" to finish setting up the DSN

You should now be able to select this DSN in CRD for your dynamic schedules.

Does Excel need to be installed on the machine to do this connection??

It should work as long as the Excel ODBC drivers are installed on the pc.