Pareto's Principle - Business concept of the day
Business Development
328 week ago — 1 min read
Definition: The Pareto Principle (also known as the 80/20 rule) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Example: 80% of the company’s revenue came from 20% of its most vital clients. The new entrepreneur was witnessing Pareto’s Principle in action.
Business insight: Understanding the application of Pareto’s Principle can be the key to allocation of resources that help grow revenue and channel efforts in the right direction.
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