How to begin analysing a loss?

I wish to share a very important concept that relates to keeping 'waste' to minimal in any setups of manufacturing scenario.

I hope you can remember this words that i am going to share with you because i cannot see any ways how anyone can push themselves into achieving company targets and goals without committing to the saying below. The sayings goes like this,

"IF YOU CANNOT MEASURE , YOU CANNOT MANAGE!"

Yes,that is absolutely true! If you are tasked to find a solution to a problem in your manufacturing workplace, you should start doing this; 

1. Assess and list all pertinent real problems which you want to troubleshoot and quantify them.
2. Arrange and tabulate the various problems based on its weightage; beginning from the highest contributing problem to the lowest one.
3. Convert those array of problems into a pareto analysis diagram.
4. From the diagram you will have a visual representation of all the pertinent problems according to its weightage and you can now choose (according to preferences) the highest 3 or 4 to analyse its root cause. A sample is shown below.

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