Pareto analysis

Pareto analysis is an economic concept identified by Joseph Juran that argues the majority of quality problems are caused by relatively few causes. This economic concept is called Pareto's law or the 80/20 rule. Juran dichotomized the population of causes of quality problems as the vital few and the trivial many.

Definition

According to Managing Quality by Foster (6th edition),

Pareto analysis. An economic concept identified by Joseph Juran that argues the majority of quality problems are caused by relatively few causes. This economic concept is called Pareto's law or the 80/20 rule. Juran dichotomized the population of causes of quality problems as the vital few and the trivial many.