Data analysis and communication of data to stakeholders are key factors in effective management. You cannot efficiently manage unless you know if objectives are being met. You can use data and spreadsheets to assess areas of concern and evaluate if progress is being made for key objectives. The process of reviewing the data is not a one-time event; it must be repeated frequently or be continuous. This is where spreadsheets that are linked to sources of data being collected provide an advantage. As the input data values change, the spreadsheets do not need to be changed in order for them to calculate the results. You can use the data to evaluate the efficiencies or inefficiencies of key objectives.
In the plan-do-check-act management cycle, management plans a set of objectives, develops processes, and allocates resources that the company will execute (or do). Progress in meeting set objectives is monitored, and feedback is provided (the check). Based on feedback, adjustments to the plans are made (the act). The final project for this course is the creation of an analysis report. The final product represents your ability to logically drill down large amounts of raw data to produce useful reports that can be utilized to ensure optimal allocation of resources to maximize profitability. You will construct a report that includes your analysis of sales, costs, and profit to develop an overall understanding of performance that can be used for stakeholder decision making. The project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three and Five. The final product will be submitted in Module Seven.