Question

Once budget data has been compiled, it is important that the data is represented properly in presentations for interpretation. Discuss which one of the methods to display data you would use in representing the data, and why.

Answer 1

Data visualization is one of the methods to display data in representing the budget data.

In this method, the data is visually created and represented. These represented data have ability to communicate data insights using the various graphs and different charts. These graphs and charts help make better budget decisions and they are more accurate.

If we describe data visualization, it is kind of architecture. When deciding to how to represent data, we need to follow these steps :

• First we should think what kind of function should be impart in representing this data like any specific trend or pattern or any information which is to be focussed on should be properly formulated. Thus is a type of selection if design for your representation.
• After dealing with data, now the step is to consider the user, how will the user go through the data, and try making ease from the side of user as he is the one who will navigate through the data and have to understand that lastly and need to have interactions with the data.
• Now considering all these, our next and last step is to make a clean and clear presentation that is easy and useful to understand.

Now let me discuss some key features of this data visualization method :

• One KPI is shown by the indicators very clear. That is, for the business and how is it performing on one particular KPI, it gives instant ideas about it. It helps in making understand that whether the targets set are able to meet or not. This this would be helpful in creating budget data as we can know about the targets being met or not and know the trends going on and decide for our next budget. This has color coding, that is one can use different colors to represent for arrows changing trends ot going up or down and with different colors the difference is easily noticed.
• There are line charts that are able to present the trends which are little hard to represent but cannot be misinterpreted. They are helpful in making comparisons within same period for different products or for same product in different periods. This also uses different colors to represent different lines in the chart and it becomes easy to recognise and understand the trend.
• Bar charts are then also very useful as they show data in break up forms. Different data are represented with broken and different bars with color and being catogorized. They show different catogories and their achievements separately to recognise which sector is better performing.
• Pie chart is also there to understand the propertion of different campaigns and their shares. This shows which one of them is more in lead or has more strength. This is used to distinguish different activities going on and characterise them.

Thus, we saw all important features of data visualization, and they are not just this instead there are many more features to this. Thus, its clear that using data visualization is the best method to represent the budget data. Representation would be enhanced by the great features of this method and it would also become easy to understand the representation.