Hi Nipendra ,
I think it would be better to use a shape , and link your document to this shape ; this way accessing this link is easy by using :
Activesheet.Shape(Shape_Name).Hyperlink.Name
and opening the document is possible using :
Activesheet.Shape(Shape_Name).Hyperlink.Follow
The only reason to embed the document within your Excel file may be if you want to distribute this through email , where you only need to send one file ; if you link the Word document to the Excel file , you will need to send both files , and the path needs to be maintained , or changed when the Excel file is opened.
Narayan