The Pareto Principle was named after an Italian economist who discovered that 80% of the wealth in Europe was concentrated in 20% of the population. This discovery is also known as the 80/20 rule or the Law of the Vital Few. The Pareto Principle is a phenomenon that finds application in many places, such as software engineering, quality, manufacturing, word-of-mouth marketing, human resources, and government; the 80/20 rule was also popularized by the book “The Mckinsey Way” as a principle by which Mckinsey consultants follow to solve client problems.
The excel tutorial and the 4:48 minute HD Video below exclusively for premium members shows the history of the Pareto Principle, when to use it, how to use it to show us where to focus our Lean and Six Sigma efforts.
Only Premium Shmula.com Members Can Access This Content
Already a Premium Member?
Not a Premium Member Yet?