- Published: Thursday, 03 March 2016 08:00
- Written by Edgardo Gamboso
- Hits: 1601
In the very early 1900’s, an Italian economist by the name of Vilfredo Pareto created a mathematical formula describing the unequal distribution of wealth he observed and measured in his country: Pareto observed that roughly twenty percent of the people controlled or owned eighty percent of the wealth. In the 1940s, Dr. Joseph M. Juran, a Quality Management pioneer, attributed the 80/20 Rule to Pareto, calling it Pareto's Principle.