The attached zip file shows screenshots of the sub VI's I created to do what you suggested. I created a master ID text file that is read into a master string array. Each string ID's row location corresponds to the component's column location in the test data. An intermediate array of failed column elements is indexed out by a loop and used to insert the string ID from the master array into a failed component string array to display on the front panel. It is saved to the desktop too.
Greg
