Sankey charts are a visual tool used to represent flow of data from one point to another, commonly used in business and finance. Sankey charts use a network shape to show the flow of data between various points, with edges representing the direction and size of each flow. In this article, we will explore the power of sankey charts, which can be used to analyze complex data and make informed decisions based on the trends.
What is a Sankey Chart?
A sankey chart is a visualization tool that is used to represent the flow of data from one point to another. It can be used in a variety of industries and datasets, including finance and business, health care, and social sciences. Sankey charts are created using a network shape that shows the flow of data between various points, where edges represent the direction and size of each flow.
How do Sankey Charts Work?
A sankey chart is created using a network shape, such as a diamond or a circle, with an edge for every data point. The edges are drawn from the source point to the target point, with the size of each edge proportional to the amount of data moving between the two. By showing the direction and size of each flow, sankey charts make it easier to identify patterns and trends in data.
What are Some Applications of Sankey Charts?
Sankey charts have a wide range of applications in business and finance, as well as in the fields of health care and social sciences. In finance, sankey charts are used to visualize the flow of profits, expenses, and cash flows between different departments within a company. In health care, sankey charts are used to visualize the flow of patient encounters, such as emergency room visits, doctor’s visits, and patient returns to the facility. Social sciences, such as economics, political science, and demographics, can also benefit from the use of sankey charts to visualize complex datasets.
How to Create a Sankey Chart
Creating a sankey chart can be accomplished using software such as Microsoft Excel or Tableau, which both have specialized tools for creating and designing network graphs. However, even without specialized software, you can create a sankey chart using basic programming languages such as Python and R.
Creating a sankey chart that is easy to understand requires using clear and concise labels and legends, as well as using a consistent color scheme and data visualization style. In general, sankey charts are most effective when they are simple yet visually appealing, and when they follow established design principles such as using edges to connect data points, using arrows to label direction, and using legend to visually identify different flows.
In conclusion, sankey charts are a powerful visual tool that can help analyze complex data and make informed decisions based on the trends. Whether analyzing data in finance, healthcare, or social sciences, sankey charts can provide a clear and concise view of the data and help organizations make strategic decisions. By understanding the basics of sankey chart design and visualization, anyone can create effective sankey charts that are easy to understand and visually appealing.
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