What is 80/20 Rule (The Pareto Principle)? | From A Business Professor

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Hello everyone, welcome to Business School 1o1. The 80/20 rule, also known as the Pareto Principle, is a concept in economics that suggests that roughly 80% of the effects come from 20% of the causes. It has been applied to a wide range of fields which include economics, sociology, education etc. So what does it come from? What are its applications within the business sector and other areas? Are there any limitations associated with it? In this video, I will discuss these questions with you.