Pareto Principle – A tool to focus your efforts on the Vital Few

The Pareto Principle, named after the Italian economist Wilfred Pareto is also called famously as 80-20 rule. As far back in 1906 Pareto observed that 80% of the land in Italy is actually owned by just 20% of the people. Much later, Joseph M. Juran popularized this observation in his book titled “The Quality Control Handbook”, and called this as the law of Vital Few. He observed…