10 Feb Using the internet, search for information regarding common spreadsheet errors and consequences.? Choose at least two types
Using the internet, search for information regarding common spreadsheet errors and consequences. Choose at least two types of errors. Your post should include a discussion of the error, an example of the consequence(s), and proposed a method(s) for prevention.
Examples of typical Spreadsheet errors:
· Improper or incorrect formulas used
· Data entered or copied incorrectly
· New data posted, Excel model did not update correctly
Please respond to the discussion question with one original post and at least two substantial replies to other students. A substantial reply is considered a post which moves our discussion forward and deepens our understanding of the material. You may wish to post a probing question (i.e. How would your model apply in ____ context? What would happen if we changed ______?) or by adding new information (i.e. This is similar to _____ because ______). Posts which simply state "Way to go Bob!" or "I thought the same thing." do not deepen our understanding and will not earn full credit.
Journal Entry
For your journal entry for this module, please address the following questions:
1. What strengths did you demonstrate in this module? Was this material new to you? If not, were you able to make connections to what you knew before?
2. Identify areas/skills where you see a need to improve.
3. Share at least one insight you gained from working through this module.
Also, please add any questions you have about the material.
Errors in the real world cost billions
58 mins ago
Barclays Capital had some trouble with a reformatting error. This was involved in their Excel spreadsheet and the error was the cause of 179 additional contracts being included in their purchase agreement with Lehman brothers.
Barclays Capital sent an Excel spreadsheet containing multiple contracts in a single purchase agreement. However, instead of deleting rows of purchasing assets, the writer hid them instead. When the Excel was later converted to PDF format all the hidden rows were fully displayed.
There definitely seems to be some kind of error in their loss prevention procedure. If they had only taken the proper preventative measures they would have probably been able to avoid this dilemma at much earlier stages. Excel has many formatting options which makes it extremely versatile and also vulnerable to different variations of the same material. Without strict guidelines and regulations enforcing the exact formatting of Excel worksheets, they may be unformatable later or may cause trouble with certain programs that require different types of input. The incorporation of a very strict SOP, that requires very precise rules and exacting instructions, would have eliminated any chance of such errors to have occurred.
Jp Morgan faced a giant spreadsheet fiasco. During this moment of tragedy they were relying on manual copying and pasting data across many spreadsheets. As a result, their information was tainted and was completed almost backwards. The problem of using manual copy and paste magnified even more, as increasing pressure began to skyrocket from more demanding deadlines.
The London Whale debacle is based on how Excel failed as a financial modeling program. As a result of not being tested correctly, the excel model suffered greatly.
During the review, additional issues became noticeable. The main point is that perception errors from Excel began to show inaccurate risk/gain than the actual numbers. J.P. Morgan’s debacle was caused by Excel user error. The company was using spreadsheets for models and copied the wrong info. The result was a model that understated their risk factor.
Any human worker could have easily produced such an error. With human error, you will see this type of problem every day. Information is always being sent into the wrong location. Automation is the solution for this type of Excel problem. Most spreadsheets are prone to errors based on simple mistakes. Investing in a system that’s been pre-coded by professionals is the ultimate prevention.
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Excel is an amazingly powerful software but if not used correctly it can give us negative results. One mistake many users make is not selecting all the available cells when putting the data into a graph. We click, hold, and drag the computer mouse to highlight the needed data but what if we miss a row of cells? If we do not notice this lack of full information it will give us a totally inaccurate graph. The best remedy for this is to take our time, double check what was selected each time before we paste or input into another function. Check and double check is the name of this game
Another mistake we make is not double checking our number signs when creating formulas. Usually the excel software is smart enough to notice an incorrect formula but what if it is just a positive or negative symbol? The software would not notice this because it would not be an incorrect formula but an incorrect user. To safeguard against this is to double check and if possible ask for a second user to check it. The other person might see things that we do not and could fix the issue before it gets bigger.
Hindy, J. (2014, July 14). 10 Common Spreadsheet Mistakes You’re Probably Making. Lifehack. Retrieved February 6, 2022, from https://www.lifehack.org/articles/technology/10-common-spreadsheet-mistakes-youre-probably-making.html
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