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When we need to take business decision such as determining in what products we want to invest or who are the customers we want to protect from decline or any other decision based on analyzing performance of several products/investments the pareto principle is key in helping us.

In short - pareto rinciple says that 20% of the resources are generating 80% of the output. In business, Pareto principle claims that 20% of the products are generating 80% of the revenue or 20% of the customers are representing 80% of sales. From my experience , usually it is not 20-80 but for sure the principle that few things are responsible of a big part of the picture is true.

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Lenny Schumm

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โˆ™ 2021-10-17 11:38:17
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Q: What is the 20 20 20 rule?
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