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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 weig
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!