Data analysis skills and thinking.docx

One essential functional area is the financial field

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organization to improve (Leal Paço & Cepeda Pérez, 2015). One essential functional area is the financial field that is in the field of accounting. The primary objective of the spend analysis is to guarantee that strategies that can enhance savings and minimize the costs incurred are sound or informed. In the field of finance, accounting forms one of the primary sectors. Through accounting, the organization will have the capacity to determine the profits or losses that have been prevalent over a given period (Bozarth & Handfield, 2016). Through accounting, the organization can make or prepare financial statements such as balance sheet, trade profits and loss accounts, trial
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DATA ANALYSIS SKILLS AND THINKING 5 balances and even the cash flows that make it possible for the firm to make informed decisions (Leal Paço & Cepeda Pérez, 2015). Thus, the concept should get considered in the spend analysis since it will aid in deducing items that should get included in the spend analysis. In conclusion, it is important to appreciate the role that analyzing skills play in making decisions. It is through the analysis that people determine substantial information and get an insight of the types of pattern in the various forms of data. The data analysis skills enable the stakeholders in various firms to eliminate the human bias or prejudice in the execution of duties since the findings, and the calculations are obtained from the statistical data that have been effectively analyzed, and thus there is evidence of the outcomes that prevents the prejudice. References Bozarth, C. C., & Handfield, R. B. (2016). Introduction to operations and supply chain management (4th ed.). Upper Saddle River, NJ: Pearson.
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DATA ANALYSIS SKILLS AND THINKING 6 Leal Paço, C. M., & Cepeda Pérez, J. M. (2015). Assessing the impact of Information and Communication Technologies on the Portuguese hotel sector: an exploratory analysis with Data Envelopment Analysis. Tourism & Management Studies , 11 (1), 35-43. Stevenson, M. (2014). Participatory Data Analysis Alongside Co-researchers who have Down Syndrome. Journal Of Applied Research In Intellectual Disabilities , 27 (1), 23-33.
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