The value of the Pareto Principle for a project manager is that it reminds you to focus on the 20% of things that really matter on a project.
Pareto Analysis or the 80/20 rule enables you to see what 20 percent of cases are causing 80 percent of the problems on a project.
Pareto charts can be used to identify problems to work on. They can help you produce greater efficiency, conserve materials, reduce costs or increase safety.
Now called the 80/20 Rule or the Pareto Principle, its application in the IT world is essential to project success.
The Pareto principle has become deeply rooted in our industrial literature. It is a shorthand name for the phenomenon that in any population which contributes to a common effect, a relative few of the contributors account for the bulk of the effect.
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