Pareto Principle

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The 80 / 20 ruleTeam 5 : 

The 80 / 20 ruleTeam 5 Idris Anibaba, Eric Altman, Lisa Balda Josue Miabe, Jenilee Martinez, Mallory Hotel, Jayme Fernandez, Diana Moreno-Veloz

Pareto’s Principle The 80 / 20 Rule : 

Pareto’s Principle The 80 / 20 Rule 1906 Italian Economist Vilfredo Pareto He Observed that 20% of the People Owned 80% of the wealth Created Mathematical Formula

Where It Came From : 

Where It Came From 1930’s and 1940’s Quality Management Pioneer Dr. Joseph Juran Dr. Joseph Juran Wrote about the 80-20 Rule “Vital Few and Trivial Many”

Pareto’s Principle and Business : 

Pareto’s Principle and Business The 80-20 Rule can be Applied to Business Rule of Thumb for Business – 80% of Your Sales come from 20% of Your Customers A Handful of Products Produce the Majority of the Orders

How Pareto Principle Can Help Individuals : 

How Pareto Principle Can Help Individuals The 80/20 Rule can be Utilized by Everyone in their Daily lives A Manager needs to Focus on the 20% of the Tasks that Produce 80% of the Results Helps Prioritize, and Focus on the Important Tasks Pareto Charts are Used to Show on a Graph What is Important from Top to Bottom Multiply the Profitability of Corporations

Life Isn’t Fair : 

Life Isn’t Fair Perfect World Every Employee would Contribute Equally Out of 5 Suggestions Only 1 will Result in a “Cool” Idea (green line- 80/20 Rule) Red Line is Every Idea is Great, Not Reality

Work Cited : 

Work Cited Azad, K. (2007, March 8). Observations: Understanding the Pareto Principle (The 80/20 Rule). Retrieved October 7, 2010 from BETTER EXPLAINED: http://betterexplained.com/aricles/understanding-the-pareto-principle-the-8020rule/ Eisenberg, Bryan. March 11, 2002. The Pareto Principle: Applying the 80/20 Rule to Your Business. Retrieved From http://www.clickz.com/clickz/column/1716017/the-pareto-principle-applying-80-rule-your-business Gassner.(n.d.). Pareto Principle-The 80-20 Rule-Complete Information. Retrieved October 6, 2010, from Gassner: http://www.gassner.co.il/pareto/ John, R.F. (2010). Pareto’s Principle – The 80-20 Rule. Retrieved October 6, 2010, from ABOUT.COM – Management: http://management.about.com/cs/generalmanagement/a/aPareto081202.htm.

Team 5 Thanks You : 

Team 5 Thanks You