Spreadsheets are known to be error prone. As per one study by Raymond Panko, 86% of spreadsheets contains errors. Errors in spreadsheets can’t be eliminated completely, but steps can be taken to reduce them.
In 2003, “a cut-and-paste error in a spreadsheet cost TransAlta, a Canadian power generation company, $24 million in overpayments for hedging contracts.”
Spreadsheets have stood the test of time because they continue to meet the analytical needs of organizations, especially for analyzing and reporting financial results and providing support for decision-making.
“…spreadsheets will always fill the void between what a business needs today and the formal installed systems…” Mel Glass et al