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 that you could massively improve Read More …