Pareto Principle - Broken down with a free video
Wednesday, August 12th, 2009Pareto Charts breaks a big problem down into smaller pieces:
A Pareto chart is a special type of bar chart where the values being plotted are arranged in descending order. A Pareto chart provides facts needed for setting priorities. It organizes and displays information to show the relative importance of various problems or causes of problems. Find out more about “Pareto”, Pareto analysis and the pareto principle. It is a form of a vertical bar chart that puts items in order highest to the lowest relative to some measurable effect such as frequency, cost or time. The Pareto chart is one of the seven basic tools of quality control. Others include the histogram, check sheet, control chart, cause-and-effect diagram, flowchart, and scatter diagram. These charts can be generated by many office (e.g., Microsoft Office, OpenOffice.org) and statistical software tools.