Spreadsheets are great. They are powerful, flexible, easy…
But they are only great at the job they are designed to do.
The flexibility, usability, and range of powerful features that make it easy to do what you want in a spreadsheet – also make it very easy to make mistakes.
- Each cell can have a different formula.
- Data cells can sit in the middle of calculations – with formulae hidden away among tables of data.
- There are numerous ways to write a formula that basically does the same calculation, but in subtly different ways.
And even the smallest simplest mistakes can have major consequences.
See 4 published examples of spreadsheet nightmares caused by simple spreadsheet formula errors that cost millions, cost jobs, and cost reputations.
- Famous Harvard economists undermine austerity rationale
- University “loses” multi-million dollar revenue
- $25M budget error forces state officials to resign
- Local government body faces extra 25% debt repayments