Is it possible to give administrators the ability to revise changes or go back in the workflow in the event that error is entered for an entry in order to make updates.
No, but yes.
I think what you're asking for is a full "revert what was just done", which Jira simply doesn't do (it is there for tracking changes to issues, not destroying information about changes that have been made)
That said, there is nothing to stop you setting up your workflow so you can go backwards through it as appropriate. So if someone makes a mistake, it can be undone (and not just limited to admins - you can secure it with any rules)
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