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Meaning of “the Pareto principle” in the English Dictionary

"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 ​smallquantity 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 ​timedetermines 80% of your ​production. The Pareto ​principle can be ​applied to ​qualityimprovement, 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)
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