Answered: What are the advantages and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

What are the advantages and disadvantages of using an Excel spreadsheet in all aspects of business? What industries do you think would benefit most from the Excel spreadsheet application?

Expert Solution

Step 1

In business, there are several processes which take place and require a lot of information. Choosing best suitable tool and it is essential to input, track, monitor, analyze and store data. Data is required at every level of business.

Step 2

Answer:

Excel spreadsheet is used commonly in every Organization. Spreadsheets are mostly used by the accountant and by those who collect data for research purpose and control the project.

Heeere are some of the advantages and disadvantages discusses below:

Advantages:

Organized data can be maintained with the help of Spreadsheets. Information can be segregated and entered into rows and columns separately to avoid any kind of misunderstanding and can be sorted based on information type. In large organizations, it is difficult to check each information; sorting helps in easy monitoring.
Easy calculations can be helpful with spreadsheets. There are formulas in Excel, which helps in easy calculations and less time-consuming.
Spreadsheets can be shared with multiple users and at any time. There is no physical document which cannot be shared, but spreadsheets are quickly shared and edited without any risk. The data is stored in Excel and can be updated as many time as possible.

Disadvantages:

It is called user bias also where the information which user wants to check will be shown as per specification.
To use spreadsheets, an individual has to learn syntax and codings, formulas and shortcut keys which are helpful in easy data entering and processing. So it requires special skills set for using Excel.
Lack of security issue sare there as it can be shared with multiple users so their chances of risk, as a user can share files with other users or competitors with whom we don’t want to share.

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