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English definition of “the Pareto principle”

the Pareto principle

noun [S]     (also Pareto's law , informal the 80/20 rule) ECONOMICS, WORKPLACE, PRODUCTION
the idea that a small quantity of work or resources (= time , money , employees , etc.) can produce a large number of results : The Pareto principle , when applied to time , states that 20% of your time determines 80% of your production . The Pareto principle can be applied to quality improvement , as the majority of problems (80%) are produced by a few key causes (20%).
(Definition of the Pareto principle noun from the Cambridge Business English Dictionary © Cambridge University Press)
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