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What is 80/20 Rule?

The 80/20 rule, commonly known as the Pareto Principle, states that 20% of all causes (or inputs) result in 80% of all outcomes (or outputs) for any given occurrence. The 80/20 rule is used in business to discover and prioritize inputs that have the potential to be the most productive. Managers, for example, should devote the most attention to aspects…