Upgrade MS-Office for Mac 2008 to 2011

I am using Microsoft Office 2008 for Mac for the longest time. Last October 2010, Microsoft Office for Mac 2011 has been released. I want to know now, if I will upgrade my current version of Office for Mac to 2011, what steps do I need to follow? Do I need to uninstall the previous version before installing MS-Office for Mac 2011? Can someone please provide a step-by-step procedure on how to successfully do that? Thanks.
