While there is no “prescribed” path or step-by-step progression to analyze data in the system, the following are some questions to help guide analysis.
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Question
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Interpretation
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Where should I start?
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Determine which data point(s) are meaningful to your inquiry. Determine whether that information changes your thinking and leads you to respond.
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What do the numbers mean?
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Determine if the data requires action or whether you need more information to determine if action is needed?
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How does the information compare to other groups [i.e., Division II; conference; peer group(s)]?
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Put the information into the appropriate context.
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What else do I need to know?
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Focus on identifying the information that would help you make an informed decision.
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Where can I get more information?
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Find the information you need to better explain the data and/or make an informed decision (i.e., examining subsequent data points).
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Who else needs to be involved in a discussion of this data and what is needed to achieve the desired outcome?
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Data may identify a need for further analysis and inclusion of additional campus staff.
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Other comments regarding data analysis:
- Institutions should look at expense “drivers” to help quickly identify reasons for dramatic increases or decreases in data over a specific period of time.
- It’s important to look for “outlier” situations. Specifically, is the institution moving in correlation with the industry in a given financial indicator? Why or why not?
- Continual question when analyzing data should be: Do I have the appropriate “peer group” relative to the current discussion?
