❓What's one area in your work where you suspect the 80/20 rule applies? Learn more about my PivotTables course: bit.ly/paretoprinciple24course Learn Excel with my courses: bit.ly/paretoprinciple24allcourses
Good stuff! Thanks for the concise, well-organized presentations. This is one channel where I don't use faster speeds because there's no unnecessary "fillers".
A Pareto distribution, also known as an ABC analysis, actually follows an 80/15/5 distribution. It is most useful for managing inventory, where the top 20% of parts account for 80% of value by purchase price or manufacturing cost. Inventoried items are categorized as: A - the 5%, high volume or high cost; B - the 15%, medium volume or medium cost; or C - the 80%, low volume or low cost. The medication error analysis near the start of the video is a prime example of a misapplication of the Pareto Principle. While the unauthorized drug and under dose collectively account for less than 2% of errors, both could lead to fatalities. Misapplication of the Pareto Principle can lead to disastrous results for a company. It can lead to ignoring emerging markets, new products, new customers, or critical factors having very low rates of occurrence.
Thanks for watching and reinforcing the message to not use it in isolation. I agree with your point on the medication analysis, which is why I said "Of course, as these are medical errors, you also need to consider the highest risk errors and give them priority too."
No worries we can wait dear. What about something else. I always want to add a touch of creativity to my reports and dashboards..how can we create a hover over effect to see a chart as breakdown for a metric or kpi...I know that it's not built-in in excel so if you have VBA knowledge it would be great to share it in this example.
❓What's one area in your work where you suspect the 80/20 rule applies?
Learn more about my PivotTables course: bit.ly/paretoprinciple24course
Learn Excel with my courses: bit.ly/paretoprinciple24allcourses
Great video !! ✌
For fun a lambda: PARETO(rf,v) rf: row fields vector ; v: values vector
=LAMBDA(rf, v,
LET(
g, GROUPBY(rf, v, SUM, , , -2),
IFNA(HSTACK(g, SCAN(0, DROP(TAKE(g, , -1), -1), SUM) / TAKE(g, -1, -1)), "")
)
)
call:
=PARETO(Actual[Cost Element],Actual[Actual])
✌
Very nice!
Love all your training videos. You are my favorite Excel teacher.
Wow, thank you!
Good stuff! Thanks for the concise, well-organized presentations. This is one channel where I don't use faster speeds because there's no unnecessary "fillers".
Wow! That's awesome to hear 😅
Excellent! Such a good one to share with small business owners who have never worked with a data analyst!
Another great one Mynda, thanks!
Glad you enjoyed it, Chris 🙏
Absolutely wonderful. I love both the scenarios you come up with and the tricks you put into play.
Thanks so much!
Always right to the money, easy and smooth techniques!
Thanks for your kind words!
thanks, the Pareto chart will be a very helpful tool
Great to hear, Paul. 😊
Thanks a lot for showing such useful idea to get the best out of excel😊
So nice of you 🙏
A Pareto distribution, also known as an ABC analysis, actually follows an 80/15/5 distribution. It is most useful for managing inventory, where the top 20% of parts account for 80% of value by purchase price or manufacturing cost. Inventoried items are categorized as: A - the 5%, high volume or high cost; B - the 15%, medium volume or medium cost; or C - the 80%, low volume or low cost.
The medication error analysis near the start of the video is a prime example of a misapplication of the Pareto Principle. While the unauthorized drug and under dose collectively account for less than 2% of errors, both could lead to fatalities.
Misapplication of the Pareto Principle can lead to disastrous results for a company. It can lead to ignoring emerging markets, new products, new customers, or critical factors having very low rates of occurrence.
Thanks for watching and reinforcing the message to not use it in isolation. I agree with your point on the medication analysis, which is why I said "Of course, as these are medical errors, you also need to consider the highest risk errors and give them priority too."
Thanks Mam for sharing awesome techniques to save time and enhance our skills
My pleasure 😊
thanks so much, you wise and beautiful lady
Thank you... 🎉
You're welcome 😊
Thank you dear. We need a tutorial on trim, trimmean, trimrange .:. functions..also datedif function. How and when can we use them efficiently.
Thanks for the ideas! I haven't got TRIMRANGE etc. yet 😭
No worries we can wait dear. What about something else. I always want to add a touch of creativity to my reports and dashboards..how can we create a hover over effect to see a chart as breakdown for a metric or kpi...I know that it's not built-in in excel so if you have VBA knowledge it would be great to share it in this example.
@adhamm5503 I used to teach this in my Excel Dashboard course, but it exploits a bug, and it isn't reliable, so I stopped teaching it.
Thank you! 😊
Pleasure 😊
Great 👍 thanks
Thanks for watching!
💚💚💚
🙏😊
I got a question why is my excel 365 giving me a total of: 40 / 3 = 1333% WTF????
I suspect you have adjacent cells formatted as a percentage. This is usually why Excel converts a number to a percentage.