Pre-Talk Do you track data/results at work? Do you review the data from time to time? Is the data worth your time to review? Picture Talk Describe what is the above picture is trying to represent. Do you agree with the attitude represented above? Can we trust data that is presented out there in the world? Article Highlights Sourced from Trend analysis is the process of comparing business data over time to identify any consistent results or trends. You can then develop a strategy to respond to these trends in line with your business goals. Trend analysis helps you understand how your business has performed and predict where current business operations and practices will take you. Done well, it will give you ideas about how you might change things to move your business in the right direction. You can use trend analysis to help improve your business by: identifying areas where your business is performing well so you can duplicate success identifying areas where your business is underperforming providing evidence to inform your decision making. This guide explains how you can use historical data to analyze trends and improve your business. Developing a trend analysis system By monitoring your business's performance over an extended period of time, you can establish useful information on trends. You can then use this data to refine your business decisions and strategies. Set up an effective trend analysis system by: preparing for analysis - determine what performance data or results you are going to examine and compare applying a threshold - define the level at which a variation is worth noting. For example, a 10% increase or decrease in sales over a period of time should be investigated for causes. Use your discretion as you know your business best
Pre-Talk Do you track data/results at work? Do you review the data from time to time? Is the data worth your time to review? Picture Talk Describe what is the above picture is trying to represent. Do you agree with the attitude represented above? Can we trust data that is presented out there in the world? Article Highlights Sourced from Trend analysis is the process of comparing business data over time to identify any consistent results or trends. You can then develop a strategy to respond to these trends in line with your business goals. Trend analysis helps you understand how your business has performed and predict where current business operations and practices will take you. Done well, it will give you ideas about how you might change things to move your business in the right direction. You can use trend analysis to help improve your business by: identifying areas where your business is performing well so you can duplicate success identifying areas where your business is underperforming providing evidence to inform your decision making. This guide explains how you can use historical data to analyze trends and improve your business. Developing a trend analysis system By monitoring your business's performance over an extended period of time, you can establish useful information on trends. You can then use this data to refine your business decisions and strategies. Set up an effective trend analysis system by: preparing for analysis - determine what performance data or results you are going to examine and compare applying a threshold - define the level at which a variation is worth noting. For example, a 10% increase or decrease in sales over a period of time should be investigated for causes. Use your discretion as you know your business best
ESLBusinessTeacherResourceArticlesTrendAnalysis.docx