A family of Microsoft relational database management systems designed for ease of use.
coralbubble,
Is there a way, well yes, but you really don't want to do it. Why? Because dynamic links between applications (e.g. Project and Excel) are prone to corruption.
Your best bet is to either become familiar with and use Pivot Tables in Excel so you can use Project's Visual Reports, or as Trevor mentioned use VBA. Neither of those approaches will give you an automated update, well, an Event based macro could do it but that can get a little complicated. My suggestion is to use VBA (not Event based) to develop a macro that transfers the data you want and also formats it in Excel. The transfer could be initiated with a single custom button on Project's ribbon.
John