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Small error, big result

In my November newsletter I discussed how an error that appears small at the time it occurs can have a big result down the line. Gordon Bagot replied as follows:

I too have come across this problem with a former client. A currency exchange rate was wrongly transferred from one electronic data file to another, manually, and with numbers transposed. The whole firm used the transposed number, in all their systems, until I was asked to do some consultancy work where I used my own source of exchange rates. The firm argued with me, delayed payment too, until I spent the time trying to resolve the problem with one of the client’s staff. Result, I was right, client wrong, no apology, but I did get payment then more promptly.

There is so much in the way of statistical analyses done, on which quite major investment decisions are made, that I can’t understand why time, money, resources is not allocated to ensure data is 100% correct as is possible.

I do hope items such as this are noted by your clients.

Me too!