The 80:20 rule
ID:CVRLE
Video Overview
An Italian economist, named Vilfredo Pareto, observed in 1906 that 80% of the land in Italy was owned by 20% of the population. A business manager, Joseph Juran, used Pareto’s observation and identified that 20% of the defects he identified, caused 80% of all the problems. Project Managers these days know that 20% of the work, that will be the first 10% and the last 10%, consume 80% of your time and resources. In short: you can apply the 80-20 Rule to almost anything, from the science of management to the physical world.
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