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While admittedly interesting, under what circumstances do you think Pareto analysis would actually be most useful?...

While admittedly interesting, under what circumstances do you think Pareto analysis would actually be most useful? Also, just what was the first name of this Italian Economist?

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The Pareto principle is also known as 80/20 rule or the law of vital few. This law states that almost 80% of any events are resulted due to 20% reasons or events.

Italian economist Vilfredo Pareto observed that almost 880% of total income of Italy was occupied by 20% of the population of Italy. This principle thus named after him. But it was further popularized by management thinker Joseph M. Juran

Pareto Principle is more useful in the following circumstances:-

  • When the analysis of the data has to be performed about the frequency of any issue or the reasons in any process.
  • In the circumstances where there exist a number of cases or reasons and the attempt is to find the most crucial one
  • For the analysis of overall reasons by observing the certain elements
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