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Tools and Techniques Paper
- Words:
- 977
- Submitted:
- Tue Nov 04 2008
- Mark submitted by Author:
Have a little read: ... Tools and Techniques Paper MGT/350 Critical Thinking Group Number LM04BSM01 Introduction A Pareto Chart is a series of bars whose heights reflect the frequency or impact of problems. The bars are arranged in descending order of height from left to right. The tall bars on the left are more significant than the small bars on the right. Pareto analysis is a very simple technique that does not require any statistics to use. Pareto analysis helps you choose the most effective changes to make no matter what problem you are having. The Pareto principle is known as the 80 / 20 rule, since 20 percent of something is always are responsible for 80 percent of the results. Project Managers know that 20 percent of the work (the first 10 percent and the last 10 percent) consume 80 percent of your time and resources. Pareto analysis is a formal technique for finding
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