// ROBOTICS AND SMART FACTORIES TERM
Pareto
Refers to the Pareto Principle, also known as the 80/20 rule, which states that roughly 80% of effects come from 20% of causes.
TECHNICAL DEFINITION
The Pareto Principle, or 80/20 rule, is a statistical observation asserting that a small percentage (typically 20%) of causes or inputs are responsible for a large percentage (typically 80%) of effects or outputs, commonly applied in quality management for prioritizing problem-solving efforts.
BACKGROUND
The Fourth Industrial Revolution, also known as 4IR, Industry 4.0 or the Intelligence Age, is a neologism describing rapid technological advancement in the 21st century. It follows the Third Industrial Revolution. The term was popularized in 2016 by Klaus Schwab, the World Economic Forum founder and former executive chairman, who asserts that these developments represent a significant shift in industrial capitalism.
READ MORE ON WIKIPEDIASYNONYMS & ALIASES
- 80/20 rule
- Pareto analysis
- Vital few
- Trivial many
USAGE NOTE
Pareto charts are used to identify the most significant problems or causes of defects to focus improvement efforts.
DEVELOPERS
Organizations developing technology related to Pareto.
Develops enterprise quality management software and Statistical Process Control (SPC) solutions for manufacturers, which extensively utilize Pareto analysis to identify and prioritize the root causes of quality issues.
Provides comprehensive software solutions for digital manufacturing, including Manufacturing Execution Systems (MES) and Quality Management Systems (QMS) that incorporate analytical methods like Pareto analysis for operational excellence.
Develops industrial software and analytics solutions, such as the Proficy suite, which provides tools for performance management, quality control, and operational intelligence, often leveraging Pareto principles for prioritizing improvements.
Offers enterprise software solutions, including comprehensive manufacturing and quality management modules that enable data analysis and reporting, often supporting Pareto analysis for identifying critical factors in production and supply chain optimization.
Provides manufacturing operations management (MOM) and manufacturing execution system (MES) solutions under its DELMIA brand, which offer advanced analytics to support continuous improvement methodologies, including Pareto analysis.
Delivers industrial IoT platforms and manufacturing operations solutions that enable data collection and analysis, empowering organizations to apply principles like Pareto analysis for optimizing processes and improving efficiency.
Offers industrial automation and information solutions, including the FactoryTalk software suite, which provides tools for manufacturing operations management and performance analytics, enabling the application of Pareto analysis for process optimization.
Develops advanced analytics software for process manufacturing, empowering engineers to analyze complex time-series data to identify patterns, troubleshoot problems, and prioritize improvement efforts using principles like Pareto analysis.