Model errors are pervasive and can be catastrophic. We can reduce model
errors and time to market by applying Component-Based Software Engineering
(CBSE) concepts to Excel models. CBSE assembles solutions from pre-built,
pre-tested components rather than written from formulas. This is made possible
by the introduction of LAMBDA. LAMBDA is an Excel function that creates
functions from Excel's formulas. CBSE-compliant LAMBDA functions can be reused
in any project just like any Excel function. They also look exactly like
Excel's native functions such as SUM(). This makes it possible for even junior
modelers to leverage CBSE-compliant LAMBDAs to develop models quicker with
fewer errors.Comment: 27 page