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Pareto Principle

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Pareto Principle - definitions

Pareto Principle : The phenomenon that a few factors are responsible for the majority of the result.

[Category=Data Quality ]

Source: Larry English, External, 05-Feb-2009 10:36

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Pareto Principle - Also known as the 80/20 rule. This concept is used to prioritize activities, The Pareto Principle says that 80% of the value of any activity can be created with 20% of the effort.

[Category=Data Governance ]

Source: The Data Governance Institute, 18 December 2009 09:02:53, External

Pareto - The Pareto principle states that 80% of the impact of the problem will show up in 20% of the causes. (Originally stated: 80% of the wealth is owned by 20% of the people.) A bar chart that displays by frequency, in descending order, the most important defects. Proper use of this chart will have the cumulative percentage on a second y-axis (to the right of the chart). This chart-type is used to identify if the Pareto principle is evident in the data. If the Pareto principle is evident, about 20% of the categories on the far left will have about 80% of the impact on the problem.

[Category=Data Quality ]

Source: iSixSigma, 10 February 2011 09:53:54, External

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