CircuiTree, November 1st, 2007
"The most dangerous kind of waste is the waste we do not recognize." - Dr. Shigeo Shingo, Consultant to Toyota Motor Corporation The Pareto Principle Around the turn of the twentieth century, Italian economist Vilfredo Pareto made a couple of observations that led him to develop a principle that continues to be a powerful tool in the lean environment of today. He observed that 20 percent of the Italian population owned 80 percent of Italy's wealth. He later observed that 20 percent of the pea pods in his garden produced 80 percent of his pea crop each year. This correlation led Pareto to po...
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