Pareto Chart
Definition:
The Pareto chart refers to a decision - making technique, which arranges data in descending order by bars and the cumulative total is represented by the line.
With the Pareto chart each benefit or problem is given a numerical score, which is based on the level of the impact based on the organization’s impact; it is believed that the higher the score is, the greater its impact. With allocating issues with higher scores, organizations use this analysis to solve problems efficiently; this is in order to target the problems that can have a greater impact on the organization.
Part of speech:
noun
Use in a sentence:
Pareto chart is perfect for breaking down data into smaller categories