Discuss the 80/20 principle

Question

09 Sep 2023

Answer :

Word Count : 414

The 80/20 principle, also known as the Pareto Principle or the law of the vital few, is a concept that suggests that roughly 80% of the outcomes or results come from 20% of the causes or inputs. This principle was named after the Italian economist Vilfredo Pareto, who observed in the early 20th century that 80% of Italy's land was owned by 20% of the population. Later, this principle was found to apply to various other phenomena in business, economics, and life _________ _____ ____ __________ ________ _____ _______ _________ ___ ________ _______ ________.
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