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Q 620. 80/20 is the governing rule behind Pareto Plot. However, practically you might never be able to get the exact numbers. Then what is the significance of the 80/20 rule? Note for website visitors - This platform hosts two weekly questions, one on Tuesday and the other on Friday. All previous questions can be found here: https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/. To participate in the current question, please visit the forum homepage at https://www.benchmarksixsigma.com/forum/. The question will be open until Tuesday or Friday at 5 PM Indian Standard Time, depending on the launch day. Responses will not be visible until they are reviewed, and only non-plagiarised answers with less than 5-10% plagiarism will be approved. If you are unsure about plagiarism, please check your answer using a plagiarism checker tool such as https://smallseotools.com/plagiarism-checker/ before submitting. All correct answers shall be published, and the top-rated answer will be displayed first. The author will receive an honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term. Some people seem to be using AI platforms to find forum answers. This is a risky approach as AI responses are error prone as our questions are application-oriented (they are never straightforward). Have a look at this funny example - https://www.benchmarksixsigma.com/forum/topic/39458-using-ai-to-respond-to-forum-questions/ We also use an AI content detector at https://crossplag.com/ai-content-detector/. Only answers with less than 15-20% AI-generated content will be approved.
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Q. 93 One of the most commonly used approach to get more insights on a Pareto chart is to transform it into a “Weighted Pareto”. A weighted Pareto chart doesn’t solely highlight the most frequent defects, but also considers their importance. The frequency data is weighted by assigning attributes (e.g. Cost) to each defect type followed by prioritization using the weighted scores (e.g. frequency x cost). What are the different attributes we can use? Also, the modified approach may not point to the same problems that a Pareto based on frequency does. Explain one such practical example of a weighted Pareto chart from your experience? Note for website visitors - Two questions are asked every week on this platform. One on Tuesday and the other on Friday. All questions so far can be seen here - https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/ Please visit the forum home page at https://www.benchmarksixsigma.com/forum/ to respond to the latest question open till the next Tuesday/ Friday evening as per Indian Standard Time. The best answer is always shown at the top among responses and the author finds honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term.
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All of us know Pareto's 80/20 principle.. we have all seen the advantages as well... it makes sense in almost all cases... recently I came across an article which challenges this axiom. http://www.multiface.com/trivial.PDF Whats your view on this alternative view..? have you ever faced a similar situation? share your views!
