Question

In: Economics

Find some meaningful data on the web that relates to percentages and share with your classmates....

Find some meaningful data on the web that relates to percentages and share with your classmates.

For example, review the "80/20 rule" which actually has broad implications for all of us.

Solutions

Expert Solution

80/20 Rule

80/20 Rule is also known as Pareto Principle. According to this rule, in our day to day life and in most of the areas, 80% of the effects come from 20% of the causes. This is also known as the rule of the vital few, where 20% of the population is responsible for the 80% of the business.

The principle comes from the fact that 80% of the land in Itals is owned by 20% of the population.

Paretos principle is applicable in most of the areas.

Marketing

In the field of business and marketing , the key 20% of the population contributes to 80% of the business,so the organization should focus more on 20% of these key customers.

Distribution of Wealth and Income

As per this principle, the distribution of wealth is quite non-uniform. The major 20% of the richest population contribute to 80% of the total wealth of the economy.

Software Industry

In the software industry, if the major 80% of the bugs are resolved,the 80% cases of system crash and errors can be eliminated.

Thus Paretos principle can be applied everywhere which says that 80% of the major problems are caused by 20% of the reasons and these 20% causes should be focused more in order to get the optimal results.


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