Introduction:
Sankeys chart is a popular data visualization tool that is widely used in various fields such as finance, engineering, and social sciences. It allows you to display flow and relationship between different data points. This article aims to provide a guide on how to create and apply Sankey charts efficiently. We’ll cover the steps involved in Sankey chart creation and applications and share some applications to show how it’s used in real-world scenarios.
What is a Sankey Chart?
A Sankey is a type of flowchart that shows the flow of information or data through a network of arrows. Each arrow represents a flow of information, and the size of the arrow corresponds to the flow rate. It’s used to show how different parts of a system interact with each other. It’s often used in finance and project management to show resource flow.
Steps to Create a Sankey Chart:
1. Data Collection: Before you can create a Sankey chart, you need to have a dataset. You can use a spreadsheet software like Microsoft Excel or Google Sheets to collect your data.
2. Data Cleaning: Once you have collected your data, it’s important to clean it up to ensure that it’s accurate. You may need to remove duplicate data, fill in missing values, and convert data types.
3. Data Transformation: Once you have cleaned your data, you need to transform it into a format that’s compatible with a Sankey chart. You can use tools such as pivot tables or data manipulation software like Tableau to create a suitable chart format.
4. Sankey Chart Creation: Use a suitable software or online tool to create a Sankey chart. Choose the right template and format for your data. Make sure that you include all the necessary information such as the source, the target, and the flow of information.
5. Data Visualization: Once you have created the Sankey chart, you can start visualizing it. Make use of different colors and symbols to highlight different information and make sure that it’s easy to understand. You can also use annotations to provide extra information or details.
Applications of Sankey Chart:
Sankey charts are widely used in real-world scenarios to show information and data flow. Some of the applications of Sankey charts include:
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Finance: In finance, Sankey charts are used to show how interest rates and other finance-related variables impact the overall economy. It helps in understanding how different sectors or parts of the economy are linked together and how they interact with each other.
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Project Management: In project management, Sankey charts are used to show resource flow, resource levels, and resource availability. It helps project managers to track the progress of a project, monitor resource usage and make data-driven decisions.
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Engineering: In engineering, Sankey charts are used to show the flow of information between different components in a system. It helps engineers to understand how different components interact with each other and how they are related.
Conclusion:
Sankey charts are useful data visualization tools that can help you streamline information by showing the flow of data or information. They are widely used in finance, project management, and engineering. By following the steps mentioned above, you can create and apply Sankey charts efficiently in your practice.
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