Pareto Chart is a tool (histogram or vertical bar chart) used for analysing the relative occurrence of defects, developed by Italian economist Vilfredo Pareto A.D 1900. Pareto’s law refers to Pareto’s observation that wealth distribution generally follows a pattern where 20% of people control 80% of all wealth, This principle has been generalised to show that in general,20% of categories contain 80% of the data, and hence is also known as the 80/20 rule.
Get in touch and speak with a Visual Management Specialist to answer any questions you may have on our products, consultancy or business.
Is your business achieving its full potential? Clarity offers a proven approach to help your business achieve its vision. Book now!
To explore more about Clarity Visual Management, get a copy of our latest introductory brochure to learn more about our service.