Juran observed that this pattern applied to many areas of economics, business, math, and other sciences. Pareto had noticed that around 80% of the land in Italy was owned by only 20% of the population. In the 1940s, an engineer and management consultant named Joseph Juran came across the work of Italian economist Vilfredo Pareto. Let's dive in and look at the Pareto Principle and its related concepts in a bit more detail. The principle basically states that a small percentage of causes are responsible for a large percentage of results. These statements are referencing something called the Pareto Principle, or the 80-20 rule.
Or that 20% of the people in x country hold 80% of the wealth. You may have heard someone say that 20% of your clients bring you 80% of all the revenue you'll make.
