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Check out this amazing article on Pareto Analysis: Definition, Application, and Procedure
Here’s a brief about Pareto analysis:
Pareto analysis is a decision-making tool based on the principle that 80% of a project’s benefit can be achieved by doing 20% of the work. It is a technique for obtaining the necessary facts required for setting priorities.
What is Pareto Chart?
- A Pareto chart is a bar graph or combination of bar and line graphs
- Used to represent a set of data in a bar graph chart
- Values are expressed from the longest bar to the shortest bar in the graph
When to Use a Pareto Chart
- When analyzing data about the frequency of problems or causes in a process
- When there are many problems or causes and you want to focus on the most significant
- When analyzing broad causes by looking at their specific components
- When communicating with others about your data
- For the analysis like revenue growth, population growth, global problems, major complaints, and resolving the most significant problems
To learn how to do Pareto analysis on Sprinkle, checkout the full article here which charts the detailed procedure to make Pareto charts with example⤵️