The 80/20 rule, known as the Pareto principle, suggests that 80% of outcomes stem from just 20% of efforts, encouraging focus on key contributors.
To create a Pareto chart in Excel 2016 or later versions, list all values and categories in descending order and ensure they are prepared properly.
Older versions of Excel require combining a line chart and a column chart to create a Pareto chart, as they lack direct options for this.
Using Pareto charts is an effective way to identify key contributors to success or problems, maximizing efficiency in data analysis and decision-making.
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