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Study finds 94% of business spreadsheets have critical errors
A recent study has found that 94% of spreadsheets used in business decision-making contain errors, posing serious risks for financial losses and operational mistakes. This finding highlights the need for better quality assurance practices.
The study, led by Prof. Pak-Lok Poon in collaboration with Central Queensland University, Swinburne University of Technology, City University of Hong Kong, and The Royal Victorian Eye and Ear Hospital, shows that most spreadsheets used in important business applications have errors that can affect decision-making processes. "The high rate of errors in these spreadsheets is concerning," says Prof. Poon.
Errors in spreadsheets can lead to poor decisions, resulting in financial losses, pricing mistakes, and operational problems in fields like health care and nuclear operations. "These mistakes can cause major issues in various sectors," adds Prof. Poon.
PHYS.ORG [phys.org]
[Journal Ref]: https://link.springer.com/article/10.1007/s11704-023-2384-6 [springer.com]
[Also Covered By]: news wise [newswise.com]
