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Showing content with the highest reputation on 05/26/2024 in all areas

  1. 1 point
    The Italian economist Vilfredo Pareto stated that 80% of the wealth of Italy was owned by 20% of the population of Italy. IMHO, this became such a hit that the thought leaders cutting across many industries, started applying this in a business context, as a rule and proclaimed that 80% of the issues/problems in their ecosystem, are created by 20% of the causes. The idea was not to proclaim the exact numbers or percentage. But to portray the fact that the majority of the issues/problems are created by few of the major causes. That's how the 80/20 rule is applied in the business context. Conclusion: In reality, this is how the pattern looks in a typical data distribution Reference Link: Wikipedia.org (for ascertaining the actual fact)
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