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

Spreadsheet bibliography

Title Thinking is bad: Implications of human error research for spreadsheet research and practice
Authors Raymond R. Panko
Year 2007
Type Proceedings
Publication EuSpRIG
Series  
Abstract

In the spreadsheet error community, both academics and practitioners generally have ignored the rich findings produced by a century of human error research.

These findings can suggest ways to reduce errors; we can then test these suggestions empirically.

In addition, research on human error seems to suggest that several common prescriptions and expectations for reducing errors are likely to be incorrect.

Among the key conclusions from human error research are that thinking is bad, that spreadsheets are not the cause of spreadsheet errors, and that reducing errors is extremely difficult.

Full version Available
Sample
Error rates for different types of errors
Error rates for different types of errors

Error detection rates are different for the different types of errors: slip/lapse, formula, and modeling.

This research leads to three fundamental conclusions:

  • The problem is not spreadsheets. The real issue is that thinking is bad. We are accurate 96% to 98% of the time when we do think. But when we build spreadsheets with thousands (or even dozens) of root formulas, the issue is not whether there is an error but how many errors there are and how serious they are.
  • Making large spreadsheets error free is theoretically and practically impossible and that even reducing errors by 80% to 90% is extremely difficult and will require spending about 30% of project time on testing and inspection.
  • Replacing spreadsheets with packages does not eliminate errors and many not even reduce them.
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