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Data is incomplete without the results. Therefore, for a data analyst, it is essential to present the data in a form that the reviewers easily understand. Excel provides a way to find, process, and analyze data. The data can be analyzed using formulas and graphical representations like graphs and charts.
There are many charts available in Excel that make it easier to understand the data; here are the top five charts in Excel:
Line Chart
A line chart depicts a pattern, often known as a trend chart—usually ups and downs.
It depicts trends like uptrends, downtrends, long-term trends, and so on. These are often used to track sales, revenues, profits, stock price movements, etc. Based on these trend analysis charts, companies often make forecasts.
Pareto Chart
A Pareto chart has been derived from a well-known management principle known as the 80/20 rule or Pareto principle. Such graphs identify which 20% of the factors contribute to 80% of the results. For example, suppose you are a factory manager; this is the perfect chart you can use. Therefore, you can create a Pareto chart to know the 20% of the issues leading to 80% of the defects.
Gantt Chart
Gantt charts have pretty a popularity among project managers. It is one of the most appropriate techniques to keep track of tasks and time. Gantt charts help in the management of activities in a day-wise schedule. It helps visualize what tasks must be performed, how many days each task needs to be completed, which tasks must be performed simultaneously, and so on.
Sales Funnel Chart
For a sales team, the work is often divided into stages, like, stage one, two, and so on. The sales funnel shows values across multiple stages. The value usually reduces with each successive stage in the funnel. An example of stages in the sales funnel leads> calls> follow up> conversion> sales. For each firm, the funnel varies as per their requirements.
Scatter Chart
A scatter plot or a scatter chart is used in Excel for statistical analysis. It is plotted to analyze the relationship between two variables. It analyses whether the variables are positively correlated, negatively correlated, or unrelated.
While analyzing data is easy, making data presentable in a form understandable at just a glance can be challenging. Therefore, we use charts to express the conclusions via a pictorial presentation. Try using these 5 charts to make your reports more interesting.