Pareto charts are versatile tools and can be used in various scenarios apart from the ones mentioned in the content. They can be used in quality control to identify the most common sources of defects, in decision making to focus on the most significant issues, and in project management to highlight the most critical tasks. They can also be used in financial analysis to identify the most profitable products or customers.
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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.