This was an exercise at my biz data analysis class in Yokohama National University for the international students.
The topic of the class was “Data visualization/illustration”. After learning some basic types of graph such as bar chart, line chart, pie chart, Histogram, scatter diagram etc., they tackled the following question:
Assuming that you are required to effectively illustrate the sales results data and report your conclusion to the boss.
Data is quite simple but not easy to find an effective way to summarize the data.
(1) Determine your final key message to report to boss
(2) Study the best way to summarize the data to fit the message.
In my class, the students discuss thier own outputs on how they can improve it.
Some examples are:
You can compare the results by product to identify the best selling product and where is the hot area.
This is an “area-wise” view with product-wise breakdown. You can identify strategic potential area and which product may fit the market.
This simply shows the ratio by product type. No detail about the area but it delivers which products are selling more in a very simple way.
What is the answer? No single “right answer” here. It all depends on your final message.
This is a good exercise to have practical “data managing” skills which will enhance your business competitiveness.
Would you like to try the lesson? Please contact me.
This is the third video to help you use your business data much more effectively.
In this video, you will find how you can combine “average” and “correlation” in the same chart. Enjoy!
I would like to share what value I can deliver and what kind of training programs I have.
I make some customization in line with specific requests and skill levels of the customers but these are my standard programs.
I woul be happy to conduct my trainings anywhere in the world and be happy to answer to any inquiries.
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Tagged anaylsis, Business, Business skill, corporate, critical thinking, Data, Decision making, lecture, literacy, Logical, management, skillset, storyline, Trainer, training
Today (the 3rd session), I started the class with re-cap of the last session on hypothesis approach.
After the team study of developing the logic tree, I asked a question of how to prioritize the hypothesis logically.
I showed “Payoff matrix” to pur priority.
Today’s main agenda was “Average”.
Using Average is easy but highly depending on only average may be misleading without knowing the distribution of the original data.
After the three sessions, I learned a lot and needed to adjust my class to fit the students:
(i) Undergraduate student may not necessarily know the basic staff (Profit structure ets.) as a business person commonly has.
(ii) They are not familiar with basic operations of Microsoft applications(Excel).
It is very challenging to me but extremly exciting!!
Posted in Data analysis for daily jobs
Tagged Analysis, analytics, anaylsis, Average, Bigdata, Business, Business skill, Business statistics, class, Data, Hypothesis, lecture, Median, Modeling, statistics, university
Many people focus only on the amount (such as average revenue, time and costs etc.) itself.
On the other hand, average hides how the set of original data looks like (distribute).
Here is an example:
If you look at only average sales revenue, you may conclude that you have no issue as the revenue is constant.
But Standard deviation reveals that deviation of the data (daily sales revenue in this case) went higher, which means that the busines risk is growing.
Standard deviation shows how the value of the individual data diversified in the data set. The more diversified, the higher the standard deviation will be.
In the business world, it is RISK.
Therefore, you may need to look at both average and S/D at the same time to understand the characteristics of the data.