10 - Reports and dashboards Flashcards
What is the purpose of improving reporting and implementing dashboards?
To focus the organization on a single source of truth and make data-driven decisions
This requires data skills and the ability to drive cultural change.
Define a business report.
An analysis of data to evaluate an issue, set of circumstances, or operational goal related to business performance.
What is role-based reporting?
A discipline stating that internal reporting is done only when it makes a difference to a task or role in the organization.
What is a business dashboard?
An information management tool used to present relevant data points for business performance at a glance.
What is a certified report?
A report or dashboard that meets specific quality and governance standards.
True or False: Most businesses create reports that add value.
False
The majority of reports create excuses rather than suggest improvements.
What is the first task in a report audit?
To discover the size and scope of the challenge by investigating how reports are compiled and used.
List the five levels of value in any report.
- Quality and source of data
- Clarity of definition
- Transparency of data presentation
- Insights and story the data tells
- Actions that these insights suggest
What issue did the audit reveal regarding the number of reports?
More than 500 reports were being used across the organization, many of which were duplicated.
What is the Dunning-Kruger effect?
A cognitive bias where individuals overestimate their understanding of a subject, often evident in managers regarding data quality.
What is the outcome of implementing role-based reporting?
Increased alignment of KPIs and metrics to business goals, resulting in a 64% increase in margin.
Fill in the blank: A business dashboard is used to present data points relevant to the _______.
[performance of a business]
What is a common problem with static reports?
They are out of date as soon as they are created and may not support timely decision-making.
What should a dashboard focus on according to the data and analytics strategy?
It should tell the user where to focus today, aligned to the business strategy.
True or False: Dashboards should only show positive metrics.
False
It is essential to focus on what needs attention most, even if it is negative.
What is the risk of using low-quality data in dashboards?
It can lead to poor decision-making and is potentially as dangerous as a bad report.
What should be done to reconcile data for a dashboard?
Align user preferences with the data and analytics strategy while managing internal conflicts.
What is the goal of role-based reporting?
To produce reports with clear KPIs and metrics that drive change and behaviors across the business.
What is a potential benefit of uncovering implicit incentives in a business?
It may explain why the business is failing to realize strategic objectives.
What should be prioritized when addressing business issues?
Focus on what needs to be fixed first.
Why might a dashboard with mostly red traffic lights be more effective over time?
It indicates areas needing attention and drives change.
What do visualizations on dashboards provide?
Context and a quick message at a glance.
Fill in the blank: A dashboard should always send a signal prompting _______.
[action].
What is the purpose of drill-down functionality in a dashboard?
To allow users to investigate and create the story from the data.
What is necessary for successful dashboard implementation?
Cooperation with the people who will use it.
True or False: There is only one type of dashboard suitable for all departments.
False.
What is a quick-win dashboard?
A dashboard that delivers early results and shows visible improvements.
What should be considered when dealing with data quality issues?
Reconcile what is possible and prioritize decision-making.
What are key decisions when specifying elements of a dashboard?
- Precise definitions
- Appropriate performance indicators
What is the importance of taking a mock-up of the dashboard back to the business?
It helps gather useful feedback on its usefulness.
What can create tension when implementing dashboards?
The feeling of being monitored by detailed data.
What is the significance of negotiating common thresholds in dashboard metrics?
It creates a company-wide policy that defines failure using data.
What does Goodhart’s Law warn against in performance measures?
When a measure becomes a target, it ceases to be a good measure.
What should a dashboard avoid to be effective?
Too much information at first glance.
What is a certified report or dashboard?
A business report that has been certified in terms of data quality and governance.
What should be included in a dashboard to enhance user trust?
A label that certifies the data and indicates when it was last updated.
What can reports and dashboards expose in a business?
Underlying business problems, potential flaws in processes, and data collection issues.
What is a common reaction when people see reports and dashboards?
They will ask for more data.
Fill in the blank: A dashboard should allow for _______ capabilities.
[what-if].
What is the purpose of having realistic measures of performance in a dashboard?
To reflect the long-term health of the business.
What can happen if short-term measures dominate dashboard metrics?
People may try to manipulate indicators in ways that are not beneficial for the business.
What is the role of dashboards in the transition to future-facing disciplines like analytics?
They provide a foundation for using data to inform future decisions.
What is the first priority when ensuring the quality of reports?
To ensure that those reports are of the highest possible quality and are trusted.
What issue do most businesses face regarding reports?
Too many reports with inconsistent data.
What is the purpose of an audit in the context of reports?
To discover how many reports have inconsistencies and where those inconsistencies come from.
What role do dashboards play in data reporting?
They use dynamic, regularly updated information.
What is the first step in creating effective reports and dashboards?
Ask the people who will use them what information has the highest value.
Why is clear communication essential when making changes to reports?
To ensure users understand the changes being made.
What should be avoided when presenting data to users?
Overcomplicating the data that users see.
What opportunity may be appropriate to provide users in relation to data?
The opportunity to drill down into the details.
What decision may cause conflict and require changes in business practice?
The decision to use single, high-quality, governed sources of data.
What does Goodhart’s Law state?
Any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.
Who coined the generalization of Goodhart’s Law?
Marilyn Strathern.
What is the title of the book recommended for further reading about dashboards?
The Big Book of Dashboards: Visualizing your data using real-world business scenarios.
Fill in the blank: Goodhart’s Law actually states: ‘Any observed statistical regularity will tend to _______ once pressure is placed upon it for control purposes.’
collapse
True or False: Dashboards are static and do not update regularly.
False
