A word (or two) from the wise?
The Pareto Principle is what separates '... the vital faw from the trivial many.'
Joseph Juran Management Consultant
In the 1940s Joseph Juran, Management Consultant and Quality guru, coined the phrase the Pareto Principle after the observations of Italian Economist Vilfredo Pareto (1906). Pareto had observed that around 80% of the land in Italy and other European countries was owned by 20% of the population. Juran (1951) noted that 80% of quality problems are caused by 20% of the potential causes, and referred to this as the ‘Law of the Vital Few'.
The Pareto Principle is a ‘Rule of Thumb’, not an exact relationship. ...