How do I create a Windows shortcut key?

Question

How do I create a Windows shortcut key?

Answer

Create a shortcut

Open the folder or directory that contains the program you wish to create a shortcut for.
Right-click on the program and click Create Shortcut.
This will create a shortcut named "Shortcut to <your program>" in the directory you are in. If you wish to rename this shortcut, right-click the file and click rename.
Once the above steps have been completed, you can copy or cut this shortcut and paste it anywhere to execute this program.
Assign shortcut key to that Windows shortcut

Once the shortcut has been created to assign a shortcut key to that Windows shortcut follow the below steps.

Right-click the shortcut and click Properties.
Click the Shortcut tab.
Click in the Shortcut key box and press a letter. For example, if you press "p" the shortcut key will automatically be made Ctrl + Alt + P. Which means if saved when pressing Ctrl and Alt and "P" all at the same time will run that shortcut.
Additional information

How do I create a Windows shortcut?
Create a shortcut key for Internet web pages.
See the shortcut key definition for further information and related links.