The Pareto Principle, also known as the Law of the Vital Few and the Trivial Many, the 80/20 rule, or the Principle of Factor Sparsity states that, for many events, roughly 80% of the effects come from 20% of the causes. Management consultant Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who noted the 80/20 connection while at the University of Lausanne in 1896, as published in his first work: Cours d’économie politique; in it, Pareto showed that approximately 80% of the land in Italy was owned by 20%... Continue reading →
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