Data Analysis 101 - Getting to the heart of performance data

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Data Analysis 101 - Getting to the heart of performance data

Monday, May 04, 2020

4.7 (3)

Presenter :Ross Maynard

Company :Ideas2Action Process Excellence Ltd

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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.

Ideas2Action Process Excellence Ltd

ideas2action.co.uk

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

Review Questions
Final Quiz

What is the purpose of a Pareto Chart in data analysis?
- To show how performance varies over time, highlighting peaks and troughs and other fluctuations
  This is a Run Chart
- To show the spread of data at a particular point in time (or in summary) and reveal key characteristics of the data
  This is a Histogram
- To relate the effects of an event or problem to its causes and identify the most significant causes
  The Pareto chart shows the causes of an event or problem from largest to smallest
- To show Special Cause Variation events and the range of Common Cause Variation
  This is a Control chart
Which of the following would be an example of Special Cause Variation?
- Lightning strike takes out the power to the premises
  Special Cause Variation is an abnormal or unusual event
- Production is slowed to undertake regular maintenance
  This is a factor in Common Cause Variation - a normal event in the process
- Inadequately trained staff lead to product quality problems
  This is a factor in Common Cause Variation and highlights the importance of proper training
- Rush hour congestion causes key staff to be late for work
  Rush hour congestion is a normal occurrence, although outside the control of the organisation. Consequently it is an example of Common Cause Variation
Understanding the Voice of the Customer involves …
- Comparing the features and price of the organisations products and services with those of its competitors
  This is a useful activity in pricing, and in seeking to understand the organisation\\\\\\\'s competitive position, but it is not part of the Voice of the Customer
- Selecting performance measures for a business process and analysing the results
  This is part of understanding the Voice of the Process
- Creating Account Managers for the organisations most valuable customers
  This may or may not be a good idea (I am no expert on marketing) but it is not part of the Voice of the Customer
- Identifying the characteristics of product and service features, delivery and performance which are most important to customers
  The Voice of the Customer involves understanding the organisations customers and what they want from the organisation including which steps in the business process add value for them and which dont
Who or what defines the purpose of a business process?
- The shareholders/ owners
  Shareholders/ Owners have an input into defining the purpose of the process since it must deliver benefits for other stakeholders as well as customers, but they are not the primary stakeholder
- The customers of the process
  A business process will only be profitable and sustainable if it meets customer requirements. Thus the customers of the process are its primary stakeholders and, ultimately, define the purpose of the process
- The managers who run the process
  In some organisations, managers do seem to define the purpose of the processes but this is not a good thing and will lead, in time, to declining customer satisfaction
- The customers of the organisations closest competitors
  It is useful to review what the customers of competitors desire as an input to process design and improvement, but they are not the primary stakeholders in the definition of the purpose of the process
Flow is one of the most important principles in process management. Which phrase best defines flow?
- The rate at which the organisations products or services are sold
  This is not related to flow through the process, though it may be a useful indicator to analyse from time to time
- The speed at which customer orders can be delivered
  Customer delivery performance is a useful performance indicator but it is not related to flow
- The rate at which work moves through a process
  Flow is the rate at which work moves through a business process. Improving the flow means the process can handle more profitable work in a given time period, making it more profitable\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\r\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\nFlow is the rate at which work moves through a business process. Improving the flow means the process can handle more profitable work in a given time period, making it more profitable
- The time it takes from concept to prototype for a new product
  This is a useful performance indicator for monitoring research and development processes but it is not the definition of flow
When using a Pareto Chart to understand the impacts of a problem, which issues should we tackle first?
- The highest bar in the series - the most frequent cause of the problem
  Red herring! We should tackle the issues that represent the biggest risk to the organisation first. However, tackling the most frequent cause of the problem will also be a priority for action
- The lowest bar in the series - the most infrequently occuring cause
  The most infrequent cause of a problem or event may not be important enough to tackle at all. Otherwise it can be safely left for a future project
- The cause that holds the biggest health and safety risk for the organisation
  Health and safety risks represent the most significant risk for an organisation because an accident could lead to significant financial and legal penalties - particularly if the risk was identified but ignored. If there is not significant health and safety risk among the causes of a problem, then we tackle the most frequent causes of the problem first
- The cause that will cost the least to resolve
  We should certainly resolve causes that are easy and cheap to fix, but the priority will be on health and safety risks and on the most frequent causes of a problem

Minimum 70% Questions answer should be right.

Which of the following statements best define a business process?
- The timeline from when an order is placed to when it is delivered to the customer
- The activity of identifying potential customers and pitching to them
- The activity of recording transactions pertaining to a business, including summarising, analysing, and reporting these transactions
- All of the actions, both value creating and non-value creating, required to bring a product or service from order to cash collection
Which data analysis tool is used to present issues in terms of their frequency or magnitude, from highest to lowest?
- The Pareto Chart
- The Histogram
- The Run Chart
- The Control Chart
Which phrase best describes Common Cause Variation?
- It is the expected range of performance of a business process as determined by measuring the range of data from the mean
- Caused by some sporadic or abnormal event, this is when the process moves outside its natural process limits
- Present all the time in a process, this reflects the ebbs and flows of normal working in a process. It has a background effect with a limited and predictable impact on performance
- It shows performance over time, allowing users to analyse what was different about the good periods compared to the “bad” periods
Which phrase best describes Special Cause Variation?
- It is the expected range of performance of a business process as determined by measuring the range of data from the mean
- Caused by some sporadic or abnormal event, this is when the process moves outside its natural process limits
- Present all the time in a process, this reflects the ebbs and flows of normal working in a process. It has a background effect with a limited and predictable impact on performance
- It shows performance over time, allowing users to analyse what was different about the good periods compared to the bad periods
What is meant by the phrase The Voice of the Customer?
- A superb on-time delivery performance by the organisation
- The customer satisfaction score measured in customer surveys
- The elements and features of an organisations products and services that are most valued by customers
- The technical specification of an organisations products or services
What is meant by the phrase The Voice of the Process?
- The process map created for a business process
- The set of work instructions and procedures for a business process
- The elements and features of an organisations products and services that are most valued by customers
- The performance a process is capable of delivering in its current configuration
What is the purpose of a Control Chart?
- To show how performance varies over time, highlighting peaks and troughs and other fluctuations
- To show the spread of data at a particular point in time (or in summary) and reveal key characteristics of the data
- To relate the effects of an event or problem to its causes and identify the most significant causes
- To show Special Cause Variation events and the range of Common Cause Variation
Which of the following is NOT part of the structure for performance management?
- The Daily Status Meeting
- The Daily Team Huddle
- The Weekly Management Away-Day
- The Weekly Management Meeting
In what way does the Control Chart for a process illustrate the impact of its performance on cost?
- A process which has narrow natural process limits is unstable and prone to cost fluctuations
- A process which has wide natural process limits is less stable and the costs of running the process will be more prone to fluctuation
- A process which has wide natural process limits is able to ride out changes more easily and, therefore, has less impact on cost
- A process with a rising trend in the measure it is tracking indicates rising costs
To reduce Common Cause Variation we must …
- Set up an improvement team to analyse the causes of the event, and eliminate them
- Reinforce company policies and procedures and threaten severe sanctions if they are breached
- Revise the targets for the process so that less problems are identified
- Identify the factors affecting performance and work to improve the process to bring the spread of variation within customer expectations

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4.7

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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

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