Sankey charts are a powerful tool for analyzing complex data and improving decision making. They are a type of graph that uses flowlines to show the direction of flow in a system or network. Sankey charts can be used for a wide range of applications, including financial, economic, and organizational analysis, among others.
In an earlier post, we discussed how to create a simple Sankey chart using Microsoft Excel. In this article, we will focus on applying the same principles to create more complex Sankey charts and explore their applications in decision-making.
Sankey chart creation
Creating a Sankey chart is a simple process that can be done using a spreadsheet program, such as Microsoft Excel or Google Sheets. Here are the basic steps:
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Organize your data: The first step in creating a Sankey chart is to organize your data into a clear and meaningful structure. This will depend on the type of analysis you want to perform, but typically, you will need to group data into categories or categories.
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Draw the flow lines: Once the categories are organized, you can start drawing the flow lines on the chart. To do this, draw a grid on the chart and mark the direction of each flow line based on its data. For a simple Sankey chart, you will typically draw one flow line per data point.
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Label the chart: Finally, label the chart with the appropriate labels for each data point. This will help ensure that the chart is clear and easy to interpret.
Applications in decision-making
Sankey charts are a valuable tool for decision-making because they allow you to visualize and compare different data sources or systems. Here are a few examples of how you can use Sankey charts to improve decision making:
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Network analysis: Sankey charts can be used to analyze the flow of data within a network, such as a hospital or a city government. By visualizing how information moves between different organizations or systems, you can pinpoint areas where improvements are needed and identify potential areas of conflict.
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Economic analysis: Sankey charts can be used to analyze the flow of income and resources in an economy. By showing the direction of flow for different groups or sectors, you can identify areas of economic growth or contraction and explore potential opportunities for investment.
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Organizational analysis: Sankey charts can be used to analyze the flow of resources within an organization, such as employees, products, or services. By visualizing the flow of data, you can improve communication within the organization and identify potential bottlenecks or inefficiencies.
Conclusion
Sankey charts are a versatile tool for analyzing complex data and improving decision making. By following the basic steps and applying the principles of the chart, you can create more sophisticated and effective Sankey charts that help you make better decisions. Whether you’re analyzing financial data or organizational processes, a Sankey chart can provide valuable insights and help you identify areas for improvement.
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