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Pareto Analysis

Prioritizing possible changes in a situation by identifying the problems that will be resolved by making these changes. Make the changes that you anticipate will have the greatest impact in the situation first and the reassess the situation. Pareto's principle, also known as the 8020 rule, the law of the vital few, and the principle of factor sparsity, states that, for many events and problems, approximately 80% of the problems will be resolved by elimating 20% of the causes.



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