Data Analysis is the process which is used to reach to a certain conclusion for a given situation. Data analysis is of two kinds, Qualitative analysis and Quantitative analysis and the nature of data dictates the method of analysis.Qualitative analysis can be done where we have non-numerical data.Quantitative analysis, on the other hand focuses on measurements of data. Dissertation India describes data analysis, its importance and methodologies in a great way.
Main objective of today’s lecture is to understand the importance of data analysis concept and how we can analyze our data using charts. Lecture 1 of the course was all about creating graphs from a given set of data. I liked their idea of close captioning the lecture with text, It really helps. I am hoping to learn this at some point and to use it in my learning project. I forgot to mention one thing, I am using excel 2016.
Following are the key points that I learnt regarding different chart types:
- A line chart is used to display trends over time (years, months and days) or categories when the order is important. Use is when there are many data points and the order is important.
- A pie chart is used to show proportion of a whole. Use it to show numbers that relate to a larger sum and always equal 100%. Do not use this chart if it contains many slices as angles are hard to estimate.
- A clustered column chart is used to compare values across a few categories. Use it when the order of categories is not important.
There was a lab at the end which I did after listening the lecture. I am going to explain here what I learnt from this lecture by doing the lab again.
“You are the new marketing manager of an established Bicycle company. The company sells bicycles and accessories, such as clothing and other accessories to bikers in six countries. The company has just hired Lucy as its new Sales manager. You are tasked to introduce Lucy to the company, its product portfolio and its sales performance since 2011. To do this, you have asked Jack, the IT manager to prepare some data for you. Now, it’s your job to present this data in a compelling manner”.
Following is a screen shot of my excel sheet which shows the data that I am working on to create different type of charts.
There are three groups of data.
- Categories vs sale by year
- Categories vs Revenue
- Countries vs Revenue
Now, I am going to create charts for these three groups of data based upon the key points that I have already mentioned above.
A line chart to see the sales trend over time
A pie chart for Categories vs Revenue
Countries vs Revenue
This was all for now that I learnt from the first lecture. See you soon with my next lesson.