Data Analysis 101 - Getting to the heart of performance data
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Course Details

Overview of Topics

  • Agenda and Principles of Process Management10 mins
  • The Voice of the Process15 mins
  • Working as one Team20 mins
  • Tools for Data Analysis29 mins
  • The Run Chart40 mins
  • Exercise: Presenting Performance Data45 mins
  • The Control Chart57 mins

Course Description

We, accountants, have some very sophisticated data analysis tools at our disposal, and it’s fun to experiment with the advanced formulae available in Excel and other programs. 

However, data analysis is an iterative process and it is important to start with some simple analysis tools to highlight the key issues in the data before exploring those issues with more advanced tools.

That’s where this course – Data Analysis 101 - comes in. This course covers the four basic tools of data analysis that everyone working in an organization should know. These four tools will help you carry out the initial filtering of performance data in order to highlight the important trends and issues. Often these tools are not covered adequately in business or finance training and this course will give you a good grounding in these simple but immensely useful analysis tools.

Advanced analysis is often difficult to understand for people who are not financing or data experts. Using simple tools to draw out the main points in performance data will improve engagement with the data and will help drive discussions about the appropriate actions to take, rather than heated discussions about what the analysis actually means.

This course will help you get to the heart of understanding the performance data in your organization, and it will help you present that information to others in the organization so that the decisions made, and the actions taken, address the real issues affecting performance.

Learning objectives

  • To identify the Principles of Process Management
  • To recognize tools for Data Analysis that Works for performance management
  • To recall the the control chart by highlighting the variation in data
  • To recall some of the Control Chart Special Cases

About Presenter

Ross Maynard

Managing Director,Ideas2Action Process Excellence Ltd

ross@ideas2action.co.uk

My philosophy is to inspire, challenge and support change. I have nearly 30 years experience as a business author and consultant. I write the content of online business courses for Nelson Croom Ltd - www.accountingcpd.net.

More courses are in production for publication in 2019, including two bringing the Agile philosophy to planning and accounting. I also write and deliver webinars for clients, with the "Innovation Masterclass" and "Creative Problem Solving" for ACCA in the summer.  As a consultant, I specialise in process improvement based on the Lean and Agile philosophies. I facilitate improvement teams and provide expertise in performance measurement and management; problem solving; and process mapping. 

Ideas into Action was founded in 1997 by Ross Maynard. Ross is a Fellow of the Chartered Institute of Management Accountants with over 20 years experience in organisational development with organisations of all sizes. The business is incorporated as Ideas2Action Process Excellence Ltd, registration number SC523801. We specialise in process analysis and improvement and lean finance, offering training, consultancy and facilitation of process improvement teams.

Ross is author of “Successful Business Growth” published by Hodder and Stoughton, in 1998; as well as many published articles on business improvement and lean management. Ross is an NLP Master Practitioner.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:27
  • Question 3 : 00:50
  • Question 4 : 01:05
  • Question 5 : 01:22
  • Question 6 : 01:40
  1. What is the purpose of a Pareto Chart in data analysis?
  2. Which of the following would be an example of Special Cause Variation?
  3. Understanding the Voice of the Customer involves …
  4. Who or what defines the purpose of a business process?
  5. Flow is one of the most important principles in process management. Which phrase best defines flow?
  6. When using a Pareto Chart to understand the impacts of a problem, which issues should we tackle first?
  1. Which of the following statements best define a business process?
  2. Which data analysis tool is used to present issues in terms of their frequency or magnitude, from highest to lowest?
  3. Which phrase best describes Common Cause Variation?
  4. Which phrase best describes Special Cause Variation?
  5. What is meant by the phrase The Voice of the Customer?
  6. What is meant by the phrase The Voice of the Process?
  7. What is the purpose of a Control Chart?
  8. Which of the following is NOT part of the structure for performance management?
  9. In what way does the Control Chart for a process illustrate the impact of its performance on cost?
  10. To reduce Common Cause Variation we must …

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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  • Cost $20
  • CPE Credits 2
  • Subject Area Specialized Knowledge
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date May 04 ,2020
  • Published Date May 04 ,2020
  • Who should attend? Bookkeeper Accountant CFO/Controller CPA - Small Firm CPA - Mid Size Firm Accounting Firm Cybersecurity Pros Auditors Young CPA CPA in Business Entrepreneurial CPA CEO Chief Accounting Officer Client Services Co-ordinator Bank Managers Accounting Managers
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  • Key Terms Download

On-Demand Webinars

ADVANCED 1031 EXCHANGE AND DELAWARE STATUTORY TRUSTS: TAX SAVINGS TO WEALTH CREATION
Friday, July 10, 2020 View Details/Register
REVISITING STATE AND LOCAL PAYROLL AND EMPLOYMENT TAXES IN LIGHT OF COVID-19
Friday, July 10, 2020 View Details/Register
FORM W-4 AND OTHER PAYROLL AND FORM 1099 UPDATES
Thursday, July 09, 2020 View Details/Register
THE IRS OFFER IN COMPROMISE PROGRAM
Tuesday, July 07, 2020 View Details/Register
BUSINESS ACTIVITY TAXES – WHERE ARE BUSINESSES AND THEIR OWNERS REQUIRED TO FILE AND PAY STATE INCOME TAXES?
Tuesday, July 07, 2020 View Details/Register
MULTISTATE SALES TAX COLLECTION – NEXUS CONSIDERATIONS AND EXEMPTION CERTIFICATE COMPLIANCE
Tuesday, July 07, 2020 View Details/Register
CARES ACT: NOL CHANGES (UPDATED LATEST)
Friday, July 03, 2020 View Details/Register
UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD
Thursday, July 02, 2020 View Details/Register
FRAUD ESSENTIALS: WHO? HOW? WHY? WHAT?
Thursday, July 02, 2020 View Details/Register
PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)
Thursday, July 02, 2020 View Details/Register
ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT
Thursday, July 02, 2020 View Details/Register
TAX UPDATE : FCCA 2020 & SECURE ACT. (COVID-19)
Friday, June 26, 2020 View Details/Register
IRS FORM 1099 REPORTING REQ. INCLUDING UPDATES ON FORM 1099-NEC (LATEST 2020)
Thursday, June 25, 2020 View Details/Register
FEDERAL TAX UPDATE: COMPREHENSIVE INDIVIDUAL TAX (FORM 1040)
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR UTAH CPAS
Thursday, June 25, 2020 View Details/Register