August 15th, 2024

Study finds 94% of business spreadsheets have critical errors

A study by Prof. Pak-Lok Poon found that 94% of business spreadsheets contain critical errors, emphasizing the need for quality assurance, training, and a life cycle approach to improve reliability.

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Study finds 94% of business spreadsheets have critical errors

A recent study led by Prof. Pak-Lok Poon has revealed that 94% of spreadsheets utilized in business decision-making contain critical errors, which can lead to significant financial losses and operational mistakes. The research, conducted in collaboration with several universities and institutions, emphasizes the importance of quality assurance in spreadsheet development. Errors in spreadsheets can adversely affect decision-making across various sectors, including healthcare and nuclear operations. The study highlights that many users create spreadsheets without formal training, contributing to the high error rate. It also notes that existing research primarily focuses on identifying and correcting errors post-creation rather than addressing quality during the initial planning and design stages. Prof. Poon advocates for a life cycle approach to spreadsheet quality, suggesting that early-stage quality checks could mitigate risks and enhance the reliability of decision-making tools. The findings underscore the need for improved training and resources for end-users to ensure better spreadsheet reliability. The comprehensive review of literature on spreadsheet quality assurance was published in the journal Frontiers of Computer Science.

- 94% of business spreadsheets have critical errors, posing risks to decision-making.

- Many spreadsheet users lack formal training, leading to increased errors.

- Current research focuses on fixing errors post-creation rather than preventing them.

- A life cycle approach to spreadsheet quality is recommended to reduce risks.

- Improved training and tools for end-users are essential for better spreadsheet reliability.

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By @cowboylowrez - 5 months
VBA: ok guys, lets finish up that last 6 percent before the quarters up!