The Pareto principle is one of the most amazing
way by which a number of problems can be solved.
This principle can solve the problems which take place or arise in a variety of
fields such as the engineering field, management field, human resources etc.
The Pareto principle is also known as the 80/20 ratio or the 80/20 rule.
Here the discussion of the Pareto principle is done in a better and a precise way.
This discussion will help students, business persons, employees
as well as an individual person to understand their problems
and accordingly they will be able to solve a number of
issues or problems which arises on the daily life basis.
There is a precise and a detailed description of the Pareto
principle along with the origin of this principle or rule.
The other modifications that took place in the Pareto
principle, after its introduction is also described here.
The person behind the modification and the other
theories of the Pareto principle is also described.
The Pareto or 80/20 rule principle is vital and it can
also be applied in a number of fields and branches.
There is also a brief discussion about the idea
of the innovator of the Pareto’s principle.
The innovator has a number of ideas in his mind and
along with those ideas the whole concept is built.
The innovator has also suggested a number of ways by
which the 80/20ruleor principle can be acknowledged.
There are a few instances which are used to illustrate and describe
the various fields where the Pareto principle can be used or applied.
Like every theory or principle of a different
field, there are also a few applications of
the Pareto principle which are very helpful in
a number of fields of study and occupations.
These applications involve the Pareto chart, efficiency
of the Pareto chart as well as the 96-minute rule.
These three plays a great role in solving problems as well
as finding the proper solution to a number of problems.
The Pareto principle is also used in the field of
mathematics so that huge calculation can also be solved.
There is also a brief description of these applications which are discussed above.
In the Section where the description of the Application of the Pareto
principle is given, one can understand the uses of those applications too.
In the next chapter, there is a precise information and description
about the importance and significance of the Pareto principle.
It is obvious that if a principle or a theory has a lot of use and is beneficial
in every area or field of knowledge, it will automatically be very useful.
If something is useful it always has some great advantages as well as significance.
The Pareto principle or the 80/20 ratio rule is very important in a number of ways.
In the section, the descriptions of the various fields where the
Pareto principle is applied or can be applied are also discussed.
As discussed earlier, the Pareto principle has great
advantages and this principle is permitted by
a variety of domains, so it is applied on a number
of areas such as sales, company, employees etc.
The precise discussion about how a company can
enhance its product's value is mentioned.
There is also a significant discussion about the use of the Pareto principle
when it comes to the various employees of a company or business firm.
It is also mentioned that how some of the employees are more beneficial
to a particular company as compared to the rest of the employees
and in the same way there is also a discussion about how some employees
can bring good fortune to some of the companies whereas the rest cannot.
There is also a discussion about the various people such as salesmen who
are responsible for the selling of a particular product of a company.
The 80/20 ratio is applied on all of these situations and these situations can be
differentiated by the causes as well as the effects or the outcomes of these causes.
A number of real-life examples are also mentioned in the next
chapter that will help the reader to understand the whole situation
as well as the proper application of the Pareto principle on that circumstance.
There are a number of situations which are needed to sort out and to
solve these problems people tend to turn towards the Pareto principle
which is beneficial in helping people to understand and solve problems.
The Pareto principle has a lot of advantages and these advantages are very necessary
for the advancement and development of a company and the daily life of a person.
Apart of all the various advantages and positive
aspects of the Pareto principle, like everything,
it might also have some demerits which came along in the way of
its development as well as the enhancement of the 80/20rule.
There can be some problems which can be faced by the people
who have been using or who are new to the Pareto principle.
The proper but a brief discussion of such
problems is also mentioned in the next section.
Such problems are encountered by a number of individuals, companies
as well as the employees and salesmen working for a company.
It is still very important to get rid of any problem which is coming in
the way of the success and the Pareto principle application on a project.
In the next section of the chapter, there is a good reading section
where the application of the Pareto principle can be found.
The improvement of a business is very necessary and so there is a need for the proper
application and utilization of the Pareto principle
that will help everyone in every manner.
A number of ideas and options are discussed below in order to understand the
multiple ways to use the 80/20 principle for the proper enhancement of the business.
It involves a number of topics such as the enhancement of the website of a
business, the traffic for the website, the proper handling of the employees etc.
The conclusion section consists of the plus points as well as the importance
which will make anyone use the Pareto principle as it is easy to use and apply.