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    Pareto's Principle: Expand your business with the 80/20 rule
    Pareto's Principle: Expand your business with the 80/20 rule
    Pareto's Principle: Expand your business with the 80/20 rule
    Ebook42 pages22 minutes

    Pareto's Principle: Expand your business with the 80/20 rule

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    About this ebook

    Expand your business with the 80/20 rule!

    This book is a practical and accessible guide to understanding and implementing Pareto’s Principle, providing you with the essential information and saving time.

    In 50 minutes you will be able to:  

       • Understand Pareto’s Principle and how to identify the 80/20 ratio in any area of your life or business
       • Identify the most important 20% and focus on the main factors that result in the majority of your results
       • Use Pareto’s Principle to manage your business more efficiently, increase revenue and get organized

    ABOUT 50MINUTES.COM| Management & Marketing

    50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide both elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. In fact, they are the starting point to take action and push your business to the next level.
    LanguageEnglish
    Publisher50Minutes.com
    Release dateAug 17, 2015
    ISBN9782806265869
    Pareto's Principle: Expand your business with the 80/20 rule

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      Book preview

      Pareto's Principle - 50minutes

      Key points

      Names: Pareto’s principle, Pareto’s rule, Pareto’s law, the 80/20 rule, the law of the vital few.

      Uses:

      Economics: Business management (quality management, customer management, production management, stock control, human resources, etc.), creating commercial and marketing strategies, etc.

      Physics, sociology and statistics.

      Private sector: time management, task organisation, etc.

      Why is it successful? According to Pareto’s principle, ‘80% of effects are the product of 20% of causes’. This ratio allows you to quickly identify the essential part of any activity. The model is found in many areas of daily life and in the business world. For example, when a business wants to identify the customers that generate the most revenue. If the 80/20 ratio is considered, the company can focus on the 20% of customers that generate 80% of its turnover to try and make them loyal customers.

      Key words: Vilfredo Pareto, Pareto’s principle, the 80/20 rule, ABC analysis, turnover, Joseph Juran, time management, customer relations, relationship marketing, CRM, Pareto chart, Long Tail theory, Pareto efficiency

      Introduction

      History

      Pareto’s principle is an analysis and decision-making tool created by Vilfredo Pareto (1848-1923) at the

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