Pareto Analysis (how to create a Pareto Chart, analyze results, and understand the 80 20 Rule)
Channel: RISR Careers
Date: 2021-03-22

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Complete guide to Pareto Analysis: How to create a Pareto Chart (animated step-by-step), analyze results and avoid common pitfalls, and how this all relates to the Pareto Principle, the 80 20 Rule, and the concept of the "Vital Few".

Pareto prioritization is a powerful problem solving technique that can be applied to determine cause and effect, leverage priorities, understand diminishing returns, and personal productivity. It's used across the globe across industries and demographics, as a generalist analysis technique and specialist tool (for example during Lean Six Sigma root cause analysis).

LEARN IT ALL IN 14 MINUTES!
I've broken this all down so you can start using Pareto Analysis straight away, with an understanding of exactly what to do, how to do it, and why.

In this episode, I start by covering the Pareto Principle and the 80 20 rule. I then take a set of data and step you through how to make a Pareto Chart in Excel, demystifying common areas of confusion. We then analyze the results, drawing high level insights and hypotheses, highlighting a critical mistake often made. 
 
Timecodes: 
0:00 - Intro
0:31 - Outline
1:19 - What is Pareto (and the 80/20 rule)
3:03 - How to make a Pareto chart
6:50 - How to use Pareto
10:08 - Pros & cons
11:14 - Rating Pareto as a prioritization method
12:03 - Power tip!
13:17 - Outro

Check out the HOW TO PRIORITIZE playlist here: https://www.youtube.com/playlist?list=PL_ZN4IVv5qCx_LGztXY4DWdsWM_QXj0Co

Root Cause Analysis video link: (not yet available)

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