Pareto diagram

What are scientific facts? This is always interesting and useful information. It is true that sometimes it requires careful analysis, and because of its complexity, some people find it easier to refuse to consider the issue under study.

But we are not looking for easy ways! We invite you to familiarize yourself with the concept of the Pareto Chart.

A Pareto diagram (or Pareto curve) is a graphical representation of Pareto’s law, the cumulative (gradually accumulating) dependence of the distribution of certain resources or results on a large set of causes.

How did it all begin, and how did science become aware of the Pareto diagram? In 1897, the Italian sociologist and economist Vilfredo Pareto identified a surprising pattern. It later got his name: the Pareto Principle.

Its essence is that the more the size of controlled property increases, the fewer people are responsible for it. This law is also called 80/20 or simply 80/20.

Pareto distribution function for different k
That is, 20% of people, control 80% of the wealth. And this pattern works in all areas of activity: 20% of effort always produces 80% of the results.

If the Pareto diagram has helped you solve your question – be sure to share the post.

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