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Some principles similar to the Pareto principle include the Peter Principle, Parkinson's Law, and the Law of Diminishing Returns. The Peter Principle states that in a hierarchy, employees tend to rise to their level of incompetence. Parkinson's Law states that work expands to fill the time available for its completion. The Law of Diminishing Returns states that if one factor of production is increased while others are held constant, the output per unit of the variable factor will eventually diminish.
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Next up are Pareto charts, which get their name from the Pareto principle, which states that for many outcomes, 80% of the consequences stem from 20% of the causes. This is a prioritization tool to help identify the most important next step. In the sample datasets, we have a customer feedback Pareto analysis that counts the occurrences of different reasons customers unsubscribe, and a productivity Pareto analysis that counts the number of monthly bottlenecks that interrupt company productivity.
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Need to visualize your data? Use this new Ultimate Charts resource for premade and fully customizable Marimekko charts, bubble charts, Pareto analysis...
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We've created a new collection of more advanced and visually appealing spreadsheet charts to save hours of time. Included in this collection are: bar chart variations, sales funnel variations, pie chart variations, world map, step change charts, variance charts, scatter chart, and radar charts, all easily editable and conveniently linked to data input tables.
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Download the Ultimate Gantt Collection spreadsheet to sync your employees and increase productivity. The collection includes four types of Gantt charts. The first two tools are project-based Gantt charts organized by task and by employee. The third tool is a Gantt chart used to schedule reservations. The fourth tool is a Gantt chart used to track inventory usage and costs.