What does Pareto mean in manufacturing?

Developed by the famous Italian economist Vilfredo Pareto, the Pareto principle suggests that 80% of results stem from 20% of causes. In the realm of manufacturing, this principle can be utilized to evaluate downtime. Typically, 20% of the causes are responsible for 80% of the downtime. By leveraging data science, manufacturers can identify the primary factors impacting their performance.

Why Pareto is important to your business

Pareto as it applies to manufacturing inspections