80/20 Rule

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August 24, 2024 4 min read Definitions

Pareto Analysis: Understanding the 80/20 Rule and Creating Pareto Charts

Analysis Management Pareto Principle 80/20 Rule Decision Making Quality Control Efficiency

A comprehensive guide to Pareto Analysis, including the fundamental 80/20 rule, step-by-step instructions for creating Pareto charts, and practical examples.

August 24, 2024 3 min read Definitions

The Pareto Principle: Understanding the 80/20 Rule

Economics Business Productivity Pareto Principle 80/20 Rule Efficiency Cause and Effect Business Strategy

The Pareto Principle, also known as the Pareto Rule or the 80/20 Rule, is a statistical concept that asserts an unequal relationship between inputs and outputs, where 80% of consequences come from 20% of the causes. This principle has broad implications across various fields including economics, business, and personal productivity.