Back in the 19th century, an Italian economist quantified the general relationship between a minority of producers and a majority of output. Sound familiar? The simplified version of Vilfredo Pareto's ratio, known as the 80/20 rule or the Pareto Principle, says that in most cases, 80% of production comes from 20% of producers.
Quality guru J.M. Juran referred to Pareto's principle as "The Vital Few and the Trivial Many". If you are running a company, the 80/20 rule has po...