There are a lot of examples of the Pareto Principle. 80% of the complaints are caused by 20% of the causes.20% of customers generate 80% of the company's revenue,.20% of the effort results in 80% of the effects,.20% of clients, including 80% of complaints,.In this way, the so-called Pareto Principle, which is based on the proportion of 20:80, is isolated. During his research, he concluded that 80% of the country's wealth is held by only 20% of the population. The Pareto Diagram was the invention of the Italian economist Vilfredo Pareto. It is used mainly for quality control, to show what the focus is to get the best results (e.g., the elimination of one defect may reduce the number of complaints by half). It presents a graphic incidence of certain factors (e.g., causing complaints or defects). It consists of both a column chart and a line chart. The Pareto diagram is an advanced type of chart in Excel. You will learn how to create a Pareto Chart in Excel.
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