Pareto is Your Friend
How many of you have heard of the Pareto Principle? Many of you do not know who or what Pareto is all about. “these are easier to do because of Pareto” photo by Giorgio Tomassetti on Unsplash Vilfredo Federico Damaso Pareto was born into this world in the mid 19th century and died in the early 20th century. However, his contributions have long lived on, making the lives of engineers, sociologists, and economists much simpler due to his identification of the distribution that is now known as the Pareto Principle. The Pareto Principle is simply described as the 80/20 rule. It can apply to a number of generalities and allow you to quickly estimate (versus calculate) distribution or allow you to understand proportional values of something quickly, without having to do the deep dive calculations to multiple decimal points. Pareto Distributions occur naturally; it certainly occurs with humans and our activities. “20% is one portion and the 50&+30% gives us the 80%” by Ar...