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A Pareto chart is kind of a bar graph that is used universally as an analysis tool. When you first think about it, it appears something very complicated, but here we are going to simplify the concept of Pareto Chart analysis. Pareto Chart or 80/20 Rule Pareto chart came into origin in 1897, when Italian economist Wilfredo Pareto created a formula that represented the uneven distribution of wealth. In one of his first theories, Pareto represented that 20% of the population in Italy occupied 80% of the land. In mathematics, this rule is known as power-law distribution or Pareto ...Read more

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