PARETO PRINCIPLE
\paɹˈiːtə͡ʊ pɹˈɪnsɪpə͡l], \paɹˈiːtəʊ pɹˈɪnsɪpəl], \p_a_ɹ_ˈiː_t_əʊ p_ɹ_ˈɪ_n_s_ɪ_p_əl]\
Sort: Oldest first
-
A theory which states that if a larger number of people, or agents are contributing to any result, the major part of the portion, around 80 percent is because of the minority, around 20 percent. Investigations and theories have stated that the sales of a firm were generated commonly by only 20 percent of the customers. The Pareto Principle is based after its founder, Vilfredo Federico Damaso Pareto, and is also known as the principle of imbalance. However, it is not a scientific process.
By Henry Campbell Black
Word of the day
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"