Pareto Chart

Pranay Kumar Apr 24, 2019 2853 0

This video from Advance Innovation Group is about developing an understanding of the audience on an important yet basic Tools for Data analysis and implementation called Pareto Chart.

Pareto Charts are based on the 80:20 Principle propounded by an Italian Scholar Wilferdo Pareto. Wilfredo was a social scientist who concluded that 20% of people of Italy own 80% of the wealth of the country. This is where the basic idea of trivial many and vital few came into its being.

Pareto Chart is a very frequently used tool which the industry uses to prioritize the few important contributors from the trivial many. This help in prioritizing and hence approach the issue in a more focused manner to yield optimum output.

Hope this video is helpful. Please look at other videos from Advance Innovation Group for deeper insight into this and other relevant subjects.