22/03/2021
Pareto prioritization is a powerful problem-solving technique to identify the "vital few".
It can be applied to determine cause and effect, leverage priorities, understand diminishing returns, and personal productivity. It's used across the globe across industries and demographics, as a generalist analysis technique and specialist tool (for example during Lean Six Sigma root cause analysis).
LEARN IT ALL IN 14 MINUTES!
I've broken this all down so you can start using Pareto Analysis straight away, with an understanding of exactly what to do, how to do it, and why.
In this episode, I start by covering the Pareto Principle and the 80 20 rule. I then take a set of data and step you through how to make a Pareto Chart in Excel, demystifying common areas of confusion. We then analyze the results, drawing high level insights and hypotheses, highlighting a critical mistake often made.
Complete guide to Pareto Analysis: How to create a Pareto Chart (animated step-by-step), analyze results and avoid common pitfalls, and how this all relates ...