How did Pareto's principle influence business?
Efficiency and productivity
Marketing strategies
Human resources
Corporate law
Answer
Efficiency and productivity in business are greatly influenced by Pareto's principle, also known as the 80/20 rule. This principle states that roughly 80% of results come from 20% of efforts. By identifying and focusing on the most impactful 20% of activities, businesses can maximize their output and minimize wasted resources.
Mastering Pareto: Exploring the Legacy of Vilfredo Pareto in Sociology and Economics
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