Pareto Principle

publication date 08.03.2014

Vilfredo Pareto, Italian economist define Pareto principle. He found that 80% of assets in Italy is held by 20% of the population. Pareto principle reads 80% effect is caused by only 20% of the causes. If we want to eliminate 80% of the losses, focus activities only predefined problems in the range of 20%.

Pareto principle gave rise to Pareto analysis, which is used for troubleshooting through the most important causes see Pareto analysis.

Advisor ideas

„Before I set out on a long journey of business or take up a new position at work, I should know who I am, what I can do and what I like.“ more >>

Jiří Střelec Jiří Střelec

Considering oneself a master of a trade is easy. Especially from the desk, you may think what you like. The reality, however, tends to be different. The second stage of our younger life (say, from high school up to our 30th birthday) is an exploratory one for us. We should try out more jobs, positions, situations, etc. It will help us learn how we feel in different situations, what we are good at, what makes us feel good. In doing so, we learn about OURSELVES and can take responsibility for our lives and, eventually, for our children or a team of our workmates. Try new things, learn about yourselves before you start investing into a business, a new partnership, job positions. You will, thus, prevent needless tears and stress. 

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