Pareto Analysis is a statistical technique in decision making that is used for selection of a limited number of tasks that produce significant overall effect. It uses the Pareto principle – the idea that by doing 20% of work, 80% of the advantage of doing the entire job can be generated. Or in terms of quality improvement, a large majority of problems (80%) are produced by a few key causes (20%).
This App finds significant few(20% of causes) that causes majority of problems(80% of problems).This app can be used to find significant few portfolios that give maximum profit.
Enter parameter(e.g. Causes,Portfolios) in the top text box.
Enter corresponding impact/effect(e.g. frequency of occurrence,breakdown time,cost,profit,loss in numeric format) in the next text box and hit ,'Add Parameter & its Impact/effect to the following List' button.
Repeat the above steps to add all parameters and their corresponding impact/effect.
Then hit Analyze button to find the significant few parameters.