Spreadsheet errors... a great, often unrecognised, risk to corporate decision making & financial integrity.
Chadwick (2002)
The issue is not whether there is an error but how many errors there are and how serious they are.
Panko (2007)
A lot of decisions are being made on the basis of some bad numbers.
Ross (1996)
Spreadsheets are dangerous to their authors and others.
Durusau & Hunting (2015)
Never assume a spreadsheet is right, even your own.
Raffensperger (2001)
People tend to believe their spreadsheets are more accurate than they really are.
Caulkins, Morrison, & Weidemann (2006)
Spreadsheet errors are pervasive, stubborn, ubiquitous and complex.
Irons (2003)
Most large spreadsheets have dozens or even hundreds of errors.
Panko & Ordway (2005)
Overconfidence is one of the most substantial causes of spreadsheet errors.
Sakal, et al (2015)
Untested spreadsheets are riddled with errors.
Miller (2005)
94% of the 88 spreadsheets audited in 7 studies have contained errors.
Panko (2008)
Even obvious, elementary errors in very simple, clearly documented spreadsheets are... difficult to find.
Galletta, et al (1993)
The quality and reliability of spreadsheets is known to be poor.
Bishop & McDaid (2007)
Spreadsheets have a notoriously high number of faults.
Rust, et al (2006)
60% of large companies feel 'Spreadsheet Hell' describes their reliance on spreadsheets.
Murphy (2007)
Studies have shown that there is a high incidence of errors in spreadsheets.
Csernoch & Biro (2013)
Spreadsheet errors are still the rule rather than the exception.
Nixon & O'Hara (2010)
A significant proportion of spreadsheets have severe quality problems.
Ayalew (2007)
It is now widely accepted that errors in spreadsheets are both common and potentially dangerous.
Nixon & O'Hara (2010)
Spreadsheet errors have resulted in huge financial losses.
Abraham & Erwig (2007)
Spreadsheets contain errors at an alarmingly high rate.
Abraham, et al (2005)
The untested spreadsheet is as dangerous and untrustworthy as an untested program.
Price (2006)
Spreadsheets are often hard, if not impossible, to understand.
Mireault & Gresham (2015)
Spreadsheets are easy to use and very hard to check.
Chen & Chan (2000)
Every study that has looked for errors has found them... in considerable abundance.
Panko & Halverson (1996)
Spreadsheet development must embrace extensive testing in order to be taken seriously as a profession.
Bock (2016)
Spreadsheets are commonly used and commonly flawed.
Caulkins, Morrison, & Weidemann (2008)
It is irrational to expect large error-free spreadsheets.
Panko (2013)
Every study, without exception, has found error rates much higher than organizations would wish to tolerate.
Panko (1999)
1% of all formulas in operational spreadsheets are in error.
Powell, Baker, & Lawson (2009)
Errors in spreadsheets... result in incorrect decisions being made and significant losses incurred.
Beaman, et al (2005)
Research on spreadsheet errors is substantial, compelling, and unanimous.
Panko (2015)
Most executives do not really check or verify the accuracy or validity of [their] spreadsheets...
Teo & Tan (1999)
Spreadsheets are more fault-prone than other software.
Kulesz & Ostberg (2013)
The software that end users are creating... is riddled with errors.
Burnett & Myers (2014)
Your spreadsheets may be disasters in the making.
Caulkins, Morrison, & Weidemann (2006)
Spreadsheets are alarmingly error-prone to write.
Paine (2001)
Spreadsheet shortcomings can significantly hamper an organization's business operation.
Reschenhofer & Matthes (2015)
Spreadsheets are notoriously error-prone.
Cunha, et al (2011)
...few incidents of spreadsheet errors are made public and these are usually not revealed by choice.
Kruck & Sheetz (2001)
Spreadsheets... pose a greater threat to your business than almost anything you can imagine.
Howard (2005)
Developing an error-free spreadsheet has been a problem since the beginning of end-user computing.
Mireault (2015)
Errors in spreadsheets are as ubiquitous as spreadsheets themselves.
Colbenz (2005)
Spreadsheets can be viewed as a highly flexible programming environment for end users.
Abreu, et al (2015)
Despite being staggeringly error prone, spreadsheets are a highly flexible programming environment.
Abreu, et al (2015)
Despite overwhelming and unanimous evidence... companies have continued to ignore spreadsheet error risks.
Panko (2014)
Programmers exhibit unwarranted confidence in the correctness of their spreadsheets.
Krishna, et al (2001)
Spreadsheets are extraordinarily and unacceptably prone to error.
Dunn (2010)
The results given by spreadsheets are often just wrong.
Sajaniemi (1998)
Spreadsheets are the most popular live programming environments, but they are also notoriously fault-prone.
Hermans & van der Storm (2015)

Spreadsheet bibliography

Title Do spreadsheet errors lead to bad decisions: Perspectives of executives and senior managers
Authors Jonathan P. Caulkins, Erika Layne Morrison, & Timothy Weidemann
Year 2008
Type Article
Publication Heinz Research
Series Paper 2
Abstract

Spreadsheets are commonly used and commonly flawed, but it is not clear how often spreadsheet errors lead to bad decisions.

We interviewed 45 executives and senior managers / analysts in the private, public, and non-profit sectors about their experiences with spreadsheet quality control and with errors affecting decision making. Almost all said spreadsheet errors are common.

Quality control was usually informal and applied to the analysis and/or decision, not just the spreadsheet per se. Most respondents could cite instances of errors directly leading to bad decisions, but opinions differ as to whether the consequences of spreadsheet errors are severe.

Some thought any big errors would be so obvious as to be caught by even informal review. Others suggest that spreadsheets inform but do not make decisions, so errors do not necessarily lead one for one to bad decisions. Still, many respondents believed spreadsheet errors were a significant problem and that more formal spreadsheet quality control could be beneficial.

Full version Available
Sample
Commonly mentioned errors
Commonly mentioned errors

All but one respondent reported encountering errors in spreadsheets.

The most commonly mentioned spreadsheet error types were:

  • Inaccurate data (76%).
  • Errors inherited from reuse of spreadsheets (49%).
  • Model errors (33%).
  • Errors in the use of functions (also 33%).
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