Introduction
Data visualization is one of the most powerful tools we have to understand complex information and reveal hidden patterns. With the rise of technology, we have seen a more interactive and engaging approach of data visualization. Sankey charts have emerged as a powerful tool for visualizing complex relationships, but this article will explore the art and power of sankey charts to unlock interdependent relationships.
A Simple Sankey Chart
A sankey chart is a simple way to visualize interdependent relationships. It is a diagram that displays interdependencies between two or more elements, for example, nodes and flows. The diagram shows the flow direction from one element to another and the strength and direction of the flow, indicating the importance and interdependence of the relationship between the nodes.
Creating a Sankey Chart
Creating a sankey chart involves several steps. First, you need to identify the elements in the relationship that you wish to visualize, such as products, customers, or employees.
Next, you need to determine the direction of the flow, which determines the direction of the arrows. If the flow is from the initial element to the final element, you create a left-to-right flow direction, while a flow from the final element to the initial element sets the direction of the arrow as right-to-left.
Then you plot the flow arrows and add the strength and direction labels for the arrows, such as “from”, “to”, “to 2”, and “from 2.” You can also add the label for the strength of the flow, such as percent, fraction, or decimal.
Sankey Chart Applications
Sankey charts have several applications in business and technology, especially in projects that require data analysis, problem-solving, project planning, and decision-making. Here are some of the applications of sankey charts:
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Supply Chain Analysis: Sankey charts can help in identifying the interdependencies between companies within the supply chain. This can help in optimizing inventory levels, sourcing materials and reducing transport expenses.
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Complex Networks Analysis: Sankey charts can help in analyzing complex networks such as social networks, supply chain networks, and communication networks. This can help in identifying key nodes and establishing relationships, enabling better decision-making.
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Economic Analysis: Sankey charts can help in analyzing economic relationships, such as consumer and producer economics, business economics, and international trade. This can help in identifying areas of market failure, trade-offs, and potential opportunities for innovation.
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Healthcare Analysis: Sankey charts can help in analyzing medical supply chains, as well as the analysis of health policy decisions, such as resource allocation, and the impact of policy changes.
Conclusion
Sankey charts are a simple yet powerful way to visualize interdependent relationships in data analysis. They can help in identifying interconnected elements and their interdependencies, thereby creating a deeper understanding of the data. They are one of the most effective tools for project planning, decision-making, and problem-solving in both business and technology. With the growing demand for data-driven decision-making, sankey charts are definitely an essential tool for any data analyst.
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