According to the Pareto principle, 20% of causes account for about 80% of the consequences for many outcomes. This guideline is also known as the 80/20 rule, the law of the vital few, or the factor sparsity principle.
What do you mean by Pareto principle?
- According to the Pareto principle, commonly referred to as the 80/20 rule, roughly 80% of outcomes result from 20% of causes.
- The connection between input and output is rarely, if ever, balanced, according to the 80/20 rule. It translates into the workplace as roughly 20% of your efforts yielding 80% of the outcomes.
- According to the 80/20 Rule, which is also referred to as the Pareto principle or the law of the vital few & trivial many events, typically 80% of an event's effects result from 20% of its sources.
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