80/20 Rule AKA: The Pareto Principle
The Pareto Principle, also infamously known as the 80/20 Rule, is a universal principle applicable to almost anything in life. The 80/20 Rule claims that the majority of an effect (or consequence) comes from a small portion of the causes from that event. It is one of the best tools to use in order to focus on improving performance. Dr. Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto who noted the 80/20 connection when he showed that approximately 80% of the land in Italy was owned by 20% of the population.
The 80/20 Rule not only shows itself in applications like economics, but also science, software, sports, business management, mathematics, and more. Today, organizations need to use the Pareto Principle to help them separate the “vital few” problems from the “useful many.” The premise behind this rule is that improvement efforts will be more effective if the vital few are addressed first.
Join this complimentary webinar presented by Dr. Joseph A. DeFeo to learn more about how the Pareto Principle can speed up your improvement journey as it applies to your organization today.
Dr. Joseph A. DeFeo
Chairman and CEO of Juran, is recognized as one of the world’s leading experts on transformational change and breakthrough quality management. For 28 years, Dr. DeFeo has worked as a trusted adviser helping business leaders increase sales, reduce costs and improve its customer experience through the deployment of performance excellence programs. DeFeo’s belief that a relentless customer focus and integrity drives business results. A frequent motivational guest speaker at international conferences, Dr. DeFeo has presented in over 30 countries.