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Write a note on pareto analysis

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By Akanksha Harjai. Six Sigma is an array of tools and approaches to process management. With businesses around the world, Six Sigma has become a global trend. Companies and individuals use six sigma methodologies to boost the overall operating efficiencies.
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Pareto analysis

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Assignment Solutions: 1. Write a note on the following: a. Pareto chart

Pareto analysis is a formal technique useful where many possible courses of action are competing for attention. In essence, the problem-solver estimates the benefit delivered by each action, then selects a number of the most effective actions that deliver a total benefit reasonably close to the maximal possible one. Pareto analysis is a creative way of looking at causes of problems because it helps stimulate thinking and organize thoughts. However, it can be limited by its exclusion of possibly important problems which may be small initially, but which grow with time. It should be combined with other analytical tools such as failure mode and effects analysis and fault tree analysis for example. This technique helps to identify the top portion of causes that need to be addressed to resolve the majority of problems.
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What are the benefits of Pareto analysis?

For those in charge, there are usually lots of decisions to be made. The question is, which should be tackled first? To help answer that question, many business leaders conduct a Pareto analysis. A Pareto analysis helps prioritize decisions so leaders know which ones will have the greatest influence on their overall goals and which ones will have the least amount of impact.
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It is a decision-making technique that statistically separates a limited number of input factors as having the greatest impact on an outcome, either desirable or undesirable. He extended this research and found out that the disproportionate wealth distribution was also the same across all of Europe. He observed that in quality control departments, most production defects resulted from a small percentage of the causes of all defects, a phenomenon which he described as "the vital few and the trivial many. Today, Pareto Analysis is employed by business managers in all industries to determine which issues cause the most problems within their departments, organizations, or sectors.
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