What is Pareto principle?

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 errors can often be traced back to 20% of the bugs. - In time management, 80% of productivity might come from 20% of your tasks. The Pareto Principle can be a useful lens for prioritizing efforts, helping individuals and organizations focus on the most impactful areas to maximize efficiency and results. It's important to note that the specific numbers (80 and 20) aren't always exact but serve as a guideline to illustrate the uneven distribution of causes and effects in various contexts.