Excel Charts Management Reports
Excel is now commonly used in management reporting. It is a very efficient tool for data entry as well as data analysis. Excel charts add a different dimension to data in management reports that makes reporting more convenient.
Excel has its own default charts to choose from but, you can also easily create and use advanced charts.
Some of the most useful Excel charts that can enhance the process of management reporting are given below:
Actual Vs Target
Fixing a target value to meet helps you compare the achieved value to understand whether a company is meeting its goals effectively.
For example, it can be used to show the sales target of a business in comparison to actual sales. This measures the performance of the sales force.
A bell curve or a normal distribution curve is a bell-shaped figure. This acts as a scatter line chart to determine expected values as well as deviations from the value.
While it can take some effort to create such a chart, it can help you figure out the mean or average value along with the standard deviations of your values for analysis.
This kind of chart is useful for project planning since it can list out different milestones to fulfill over a period of time.
For example, this can be used for supply chain-related decisions since it can track deliverables checked in or finalized. The visual element aids managers to witness the progress better.
Step charts are used in showing changes in value over intermittent intervals. For instance, it can reflect the increase in interest rates for a financial instrument.
In comparison to line charts, the step chart shows the fluctuations of a value more accurately.
The most common use of Gantt charts is in project management. It can show the scheduling and progress of a project since it records the time used for each task.
It can essentially point out any overlap of tasks on certain periods along with keeping track of absenteeism of workers. This can help the managers to address such issues and plan the project ahead.
A sales funnel chart typically shows the stages of closing a sale. This begins from identifying an opportunity, validating it, acting upon it to turn it into a qualified deal, directing it towards a proposal and, finally, winning the deal.
So, it helps you figure out the success of each of these stages.
This is essentially a squared pie chart that can act as a dashboard for presenting data in a concise manner that is simple to understand.
This chart is not easy to create. But contrary to pie charts, a waffle chart presents data more accurately and can highlight any specific points that require attention.
Bullet charts are used in dashboards for presenting plenty of information within a concise space.
This chart can not only help you measure performance quality but also compare actual performance with the target values.
In conclusion, Excel charts is a great tool for managers in examining the performance of their business. And the charts mentioned in this list can help you understand your management output and concerns better and, accordingly, plan its processes better.