The Pareto Principle, also known as the 80/20 rule, is a concept named after the Italian economist Vilfredo Pareto, who observed that approximately 80% of effects come from 20% of the causes. This principle suggests that in many situations, a small number of contributors are responsible for the majority of outcomes.
For example:
- In business, 80% of a company's profits often come from 20% of its customers.
- In software development, 80% of the