Pareto's Law

 

 

In many big brands, greatest percentage of the profits comes from a small portion of their products. A tiny number of bugs are responsible for a large percentage of crashes. Like an iceberg, a great percentage of our life situation depends on our physical, visible actions, and a little percentage is dependent on what we think, believe, or feel about our life. In a restaurant, for instance, most of the orders come from the top few specialities in their menu while the rest of the products are ordered only by a handful of customers. Named after the economist, Vilfredo Pareto, Pareto’s Law states that roughly 80% of the consequences result from 20% of the causes. It is also called as the 80/20 rule or the "law of the vital few and the trivial many.” The law is famously used by businessmen, leaders, economists, shopkeepers, and is of immense help to anyone who desires to sort out their life.