Vilfredo’s Pareto Chart Exceeds His Wildest Dream
Vilfredo Pareto, an Italian engineer, and economist developed the Pareto principle in 1895 to show the distribution of riches in society and state his claim that 20 percent of the population owned 80 percent of the wealth, and hence, the famous 80/20 rule was born. Never in his wildest dreams did he realize that it would someday become one of the simplest and greatest quality principles and...
Read MoreUse Pareto Charts To Allocate Scarce Resources
Most everyone is familiar with Pareto Charts and how they can be used to help prioritize issues, ideas, and so on. But in addition to helping you prioritize your actions, you can use them with the addition of a ABC Classification to help you allocate limited resources, and become more focused and efficient in your job. Pareto charts were named after the Italian economist, Vilredo Pareto, who...
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