Have you heard of the 80/20 Rule? This Rule is based upon the Pareto Principle. Watch this 2-minute video Links to an external site.to see how the Pareto Principle applies not only to business but also to your personal life.
VIDEO LINK: https://www.youtube.com/watch?v=zPoA6dzKmtg
The Pareto Principle is used for quality assurance and focuses on the 80/20 Rule. A Pareto Chart Analysis visually identifies the most important contributing factors, the most occurring defects, or the most common problems. We call these “the vital few.”
This Pareto Principle, or 80-20 Rule, says 80% of the effects stem from 20% of the causes. Although the actual numbers may be different from case-to-case, the Pareto Principle is a guiding principle used in business for the following:
Refer to the chart pictured below. (WILL PLACE CHART IN ATTACHMENTS)
Pareto Chart Analysis
VIDEO : https://www.youtube.com/watch?v=ltBw6kwD3_o
Pareto Chart template WILL BE IN ATTACHMENTS
Assume you are working on an improvement project for a multi-faceted problem at your organization, and you want to develop a Pareto Chart to identify the most significant contributing factors for that problem. Follow the instructions in the template provided.
Your Pareto Chart document must include:
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