Posts Tagged ‘ Pareto 80/20 ’

Using the Pareto 80/20 Principle to Analyze your Business and Increase Profits

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Here’s how the 80/20 principle can be used to manage your business, reduce costs and increase your profits. You’ve probably heard about Pareto’s Law or the 80/20 principle, although most people only understand 20% of it, 80% of the time (rim shot!). This simple principle can be used to increase sales, profits and increase effectiveness of your marketing, and is easy to use. Vilfredo Pareto was an Italian economist and sociologist born in 1848. His big discovery in 1897, “Pareto’s Law,” claimed that in any society, 20% of the people would earn 80% of the income. Pareto’s observations, now...

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