Meaning of “the Pareto principle” in the English Dictionary

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"the Pareto principle" in Business English

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the Pareto principlenoun [ S ]

uk us 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” from the Cambridge Business English Dictionary © Cambridge University Press)