More Efficient: Calling smaller macros or one Big macro?

I'm newer to VBA and am trying to learn the best way to make efficient Macros. Is it better to combine similar functions (like changing something on different graphs) into one big macro, or to make them all smaller macros and then have a "Run_All" Macro that calls them all?

The modular approach is considered to be significantly better if your routine is really big - say several pages, because you can more easily isolate the trouble spots. With a routine that calls the same sequence for different values, you can use functions, subroutines or the little used and often spurned real subroutine the GoSub......Return feature

I think one of the real "efficiencies" from a modular programming style is not so much how it helps the current project, but how it helps future projects. By the time I knew him, my mentor was not doing very much "novel" programming. Almost all of the programming he did was about combining his existing library of procedures in novel ways. Sometimes you want to "Call this, then call that, then call the other". Other times "call this, then call the other". If you've weaved everything together in a mass of spaghetti strings, it is difficult to pull out each thread and combine it differently.