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What is Understanding Pareto Analysis Basics about?
The Pareto Analysis, also known as the 80/20 rule, assumes that a small number of causes (20%) are responsible for the majority of problems (80%). The Italian economist Vilfredo Pareto discovered this pattern when he found that 20% of the Italian population owned 80% of the wealth. The Pareto Analysis can be applied to various domains to identify the main causes that lead to most problems, so solutions can focus on addressing those key causes.
- Author
- jc casord
- Language
- EN