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How to Write a Data-Driven Business Memo: Step-by-Step Guide and Template

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Added on  2019-10-18

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This is a template for writing a memo to describe data that might inform a business decision. The memo should establish the importance of the data, specify its opportunities and limitations, and describe the data source, how it was gathered, and its basic summary statistics. The writer should propose that the analysis will be useful for the business question at hand and request permission to produce an analysis and a full report. The document includes step-by-step topics, formatting, style, language, and grammar guidelines.

How to Write a Data-Driven Business Memo: Step-by-Step Guide and Template

   Added on 2019-10-18

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Template for Memo 1 – DescribingdataPurposeYou are writing a memo after being asked to find data that might inform a business decision or settle an important question or point of view on a topic. You believe you have found that data, and you are proposing to put the time into going forward to analyze the data and report on the outcomes. You are establishing to the reader that this data is indeed important, specifying exactly what the opportunities as well as the limitations of this data set as a source of evidence. You will describe the data source, how it was gathered, when, where, measuring what or whom. You will then describe the data by showing basic summary statistics and distribution for the major variables you have available. You will end by proposing that the analysis will prove to be useful for the business question at hand and request permission to go forward in producing an analysis and finally a full report. OverviewThe following document includes step by step topics that need to be addressed, pages they need to be on, where headers should be, charts and tables, conclusion and reference page. In addition, there is a section briefly reviewing expected formatting, style, language and grammar.Here are all of the steps you should carry out to successfully write a good memo. Follow these steps.1.Get familiar with the narrative provided by the instructor and the data provided.a.Look at the Variable Info or codebook page of the data to find out what variables exist, where the data came from, how it was gathered, who gathered it, when and where.b.Look at the data – note how the data is coded; note how many cases (rows of data) there are.2.Produce and study the statistics – univariate and bivariatea.Univariatei.Descriptive statistics required for each variable you choose:1.Numeric variable: Mean, median, standard deviation, min, max, range, count.2.Categorical variable: Count, percentage of total.ii.Distribution of numeric variable: Histogram of the numeric variable as a column chart.3.Think about how you might want to interpret those statistics in light of the narrative.a.Take notes as you study each step of the data analysis on your thoughts4.Start writing.a.Expected writing process: i.Write your first draft “stream of consciousness” – just get your ideas written down. Your second draft should revise to modify or choose a focus, and structure the wholedocument in a disciplined fashion to serve that focus (getting rid of anything that doesn’t help that one focus, no matter how interesting otherwise). ii.Your third or fourth draft should start to refine the document for formatting, style, language, citations. THIS IS WHERE YOU START USING THE TEMPLATE BELOW!!!Page 1 of 11, tmprjyz39qpMemo1TemplateV1docx-837.docx
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iii.Before you start that stage of refining your writing, take a look at the notes at the bottom of this document on formatting, citations, style, and language at the end of the document (or click link the following link using the control key): Click HERE.Page 2 of 11, tmprjyz39qpMemo1TemplateV1docx-837.docx
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MemoTO: [Who this is to – their name] Their title][Their organization]FROM:[Your name ][Your title][Your organization]DATE: [Date]SUBJECT:[Subject]Introduction (use the word “Introduction” as a header to start the document)[Purpose, objective, audience]1Remind the reader of the specifics of their request for information and the purpose of the information. [Preview main points]2First header should go here for your (univariate) data description sectionHeaders should be bold and/or stand out in some way. It is best to use Word styles labeled “Heading” for this purpose – that will allow you to automatically create a table of contents usingthe Word table of contents feature – see the References ribbon, look to the left.This is where the body of the document startsi.e., with the following first header. Note: the word “Body” should not appear in your document – it is simply telling you that the instructions for the body of your report start here.Please eventually read the “General overview of what should be in the body of your report” (link below)Please review (placed at the end of the document – click HERE holding down the control key to jump there[Background, context, benchmark for evaluating statistics reported in this report]3This is where you might add information from the articles you have about the topic. In addition,based on evidence you’ve found, or just by making it up, tell the reader what the general benchmark, criterion for making a decision based on the direction and magnitude of the difference. You should be specific, e.g., define what might be considered for the purposes of this decision a strong, moderate or weak support for making a decision. This could be differences in mean, in variance, or distribution. You can be broad here, and more detailed in the analysis section. [Introduce the data here]Who or what gathered the data – researcher, organization, affiliation. Using your common sense: Briefly comment on the credibility of that source – expert, trained, credentialed, Page 3 of 11, tmprjyz39qpMemo1TemplateV1docx-837.docxNote: Items in brackets are place holders. Youneed to delete the brackets and replace thenotation with your writing
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experienced, detached (i.e., independent, objective, unbiased regarding object of student and particular results that might emerge from the study); note: Best is university academic scholarlystudy by specialist, Ph.D. academic, with no affiliation with any potentially economically, politically, or socially interested party.Provide details on where, when the data was gathered; How was the data gathered: Universe sample, random sample, convenience (biased) sample.Discuss opportunities and limitations of what questions the data can or cannot evidence.To read the goals of this section see the endnote)4[Uni-variate data analysis starts here]5 [Introduce your table(s)]6Insert your tables [Interpret – make comments about what this might mean.]Paint a picture – see endnote 7Note implications of univariate statistics and distribution that might have an implication for yourbi-variate analysis – see endnote 8[Show a histogram – distribution – of your numeric variable.]Before showing the histogram: Briefly mention why a distribution might be informative. Briefly tell the reader what a ‘histogram’ is and how to interpret it. [Interpret – make comments about what this might mean.] See endnote for details: 9Another header should go here for your discussion of your proposed data analysis Headers should be bold and/or stand out in some way. It is best to use Word styles labeled “Heading” for this purpose – that will allow you to automatically create a table of contents usingthe Word table of contents feature – see the References ribbon, look to the left. [Discuss precisely what you will be comparing in your bi-variate analysis, i.e., what statistics and tools (charts/histograms) you will use][Remind the reader and elaborate on if necessary your decision on standards, benchmarks, criterion for evaluating outcomes – exactly what difference in numbers or distributions would lead to what decision][Conclusion]Goal of this section – see endnote 10Another header should go here – the word “Conclusion” or “Summary” is fine.Page 4 of 11, tmprjyz39qpMemo1TemplateV1docx-837.docx
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