What is the Pareto Principle - The 80 20 Rule? PM in Under 5

The Perito Principle, also known as the 8020 rule, suggests that a small number of causes often account for a large portion of the effects. Originating from Vilfredo Perito's study of wealth distribution in Italy, it has been applied in various fields, notably in business by Joseph Duran. The principle is useful for project managers in prioritizing tasks, focusing on the vital few to achieve significant results. Examples include wealth distribution, business profits, and healthcare costs, where a minority accounts for the majority of outcomes.

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