A runchart is a tool used to assess improvement progress by plotting data over time alongside changes. It has three main elements - the time period, measurement data, and median line. A runchart is created before and during changes to evaluate effectiveness in real-time. Microsoft Excel can be used to easily create runcharts by setting up a data table and inserting a graph. Key elements like titles, labels and the median line should then be added to complete the runchart.