If there is one thing that government finance is about, it is data. Large volumes of data are frequently involved. Data that comes in, data that is processed, and data that leaves the building.
There are almost as many ways to interpret the terms as there are methods to evaluate financial data. The following is a summary of some of the most prevalent financial analysis methodologies used in government today, as well as some of the benefits and drawbacks of each.
- Call someone
- Use spreadsheets
- Use business intelligence (BI) tools
- Use a financial management platform with analysis included
Hopefully, this explanation of some of the most frequent methods for obtaining the underlying data of your statistics proved useful. All have their advantages and disadvantages. And each agency must choose what works best for them in order to comprehend the “behind story” of their figures.