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Free Excel Template : Pareto Cost Analysis
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Introduction of this Excel Template :
Analyze the costs of your business with this professional template, showing the data on a Pareto chart to give a quick assessment of where most of the money is going and where changes can have the greatest impact.
What is Pareto Analysis ?
Pareto Analysis is a concept that is used in business decision making based on the 80/20 rule. It is a decision-making technique that statistically separates a limited number of input factors as having the greatest impact on an outcome, either desirable or undesirable.
Steps of Pareto Analysis
By applying the 80/20 rule, problems can be sorted based on whether they affect profits, customer complaints, technical issues, product defects, or delays and backlogs from missed deadlines. Each of these issues is given a rating based on the amount of revenue or sales, and time lost, or the number of complaints received. A basic breakdown of the steps could involve:
- Identify the problem or problems
- List or identify the cause of the issues or problems noting that there could be multiple causes
- Score the problems by assigning a number to each one that prioritizes the problem based on the level of negative impact on the company
- Organize the problems into groups such as customer service or system issues
- Develop and implement the action plan to solve the problems by focusing on the higher scored problems first
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