Guide to Pareto Analysis for PMI-ACP Exam

Pareto Analysis is a technique used for decision making based on the '80/20 Rule' or the 'Pareto Principle'. This rule implies that 80% of the issues are often due to 20% of the causes.

It's important because it helps in problem detection, resolution and focuses on the most significant factors in a data set. A key advantage of a Pareto Analysis is that it saves resources and labor by focusing on the 'vital few' over the 'trivial many'.

To perform a Pareto Analysis, you must first list the problems, then identify their root cause, count how often each problem occurs, and finally represent these problems graphically. The problems are then addressed according to their effect on the project.

Exam Tips: Answering Questions on Pareto Analysis
1. Understand the basic concept of Pareto Analysis.
2. Be familiar with how to read a Pareto chart and identify major causes of problems.
3. Remember that in a Pareto chart, the left side represents the most frequent cause of defects.
4. Keep in mind that Pareto Analysis embodies the 80/20 rule. Always look for the 'vital few' causes that are the root of the majority of the defects.
5. In the exam, if a question pertains to finding critical problems or occurrence frequency, think Pareto.
6. Practice! The more you practice, the better you'll understand this concept and the easier it will be to apply it in different scenarios on the exam.