Problem 12- Project Risk

1.Prathyusha Preethi
8:33 AM (8 hours ago)to me#1. Explain what a Pareto chart is – what the related philosophy is – and what they are commonly used for. In the light of the current virus situation, build a Pareto Chart based on the following data relative to medication issues and explain its meaning.
Wrong Patient – 52
Over Dose – 59
Wrong Drug – 76
Unauthorized drug – 1
Wrong IV – 4
Technique Error – 3
Wrong Time – 83
Dose Missed – 92
Under Dose – 7
Duplicated drug – 9
Wrong Route 27
Wrong calculation – 16
n=429
Requirements:
There is no minimum or maximum required number of pages. Your response will be considered complete, if it addresses each of the components outlined above.
Use of proper APA formatting and citations – If supporting evidence from outside resources is used those must be properly cited. A minimum of 7 sources (excluding the course textbook) from scholarly articles or business periodicals is required.
Include your best critical thinking and analysis to arrive at your justification.
Title: Managing Project Risks ISBN: 9781119489733 Authors: Peter J. Edwards, Paulo Vaz Serra, Michael Edwards Publisher: John Wiley & Sons Publication Date: 2019-08-13

Pareto is a graph that illustrates the amount of flaws in the system and their impact on the overall. Pareto charts can be utilized to determine the problems that must be addressed for the greatest change (Harvey And Sotardi in 2018). Bar graphs and an a line graph are both employed in the Pareto chart. A Pareto chart is based on the assumption that the flaws with the most severity make up the bulk of the problem. Two ways of making Pareto charts to find issues that have the most impact have been previously discussed. The first bars are typically the largest, revealing the most frequently occurring causes of issues. This line of cumulative percent also, reveals what flaws need to be fixed to achieve the best overall improvement. Based on the Pareto Principle that less than 20% the causes are responsible for 80percent of the results. It is therefore important to be looking at the 20 percent of defects that make up 80 percent of all defects. While the example above doesn’t exactly fit with the principle of the 20/20 rule focusing just on two types of defects could be a good way to eliminate the largest percentage all problems (Alkiayat 2021). You don’t need to open Excel to create Pareto Charts to assess the severity of the quality of your production lines. Cont…