A lesson to all budgets managers, bean counters, and finance guru’s it’s the little things that matter and always have someone check your work. I think this is a bit disingenuous to blame a software program from calculating something wrong when it’s usually the fingers typing the numbers or developing the formulas that usually matters.
“An unnamed overworked staffer in London copied and pasted the wrong figures into an Excel spreadsheet, throwing the firm’s risk models out of whack.” From: JPMorgan’s London Whale review: Inside job
“One key measure was added when it should have been averaged. The result: Risk officers at JPMorgan believed the credit derivatives bets were half as risky as they actually were. So, I guess, CEO Jamie Dimon can pass $3.1 billion off on Excel. The rest is still on him.” From: Damn Excel! How the ‘most important software application of all time’ is ruining the world