I just want to warn that the Office for Mac 16.54 update killed Time Machine on my iMac running Mojave, as I mentioned last week.
What happened is that the update changed so many files in the 5 Office apps that when backupd did the “preparing backup” phase, it exceeded the kernel memory page limit. Whenever Time Machine ran, backupd would get to about 110 GB of memory, the total swap file size would reach around 48 GB, and the kernel would kill backupd due to low swap space.
I’d be interested to know if this happens to anyone else. You could avoid it by updating the apps one at a time, running Time Machine in-between. If you hit the problem, the only way to get Time Machine to work again is to delete a couple Office apps, run Time Machine, and then you can add them back. Note that when you add them back it won’ take much memory because it is adding back the entire .app folder, rather than needing to analyze individual file changes within the app.
(I bet it would work to rename the Office apps, run Time Machine, rename them back, run Time Machine again.)