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What is Pareto’s Principle? What is a ‘memorandum’?

Rule named in honor of the economist and sociologist Vilfredo Pareto. Generally a rule formulated as a statement ‘20% of efforts give 80% of the result, while the remaining 80% of the effort - only 20% of the result’. This rule can be used as basic statement for economist or businessmen for analysis factors of effectiveness. So if you choose right actions which you need to do you can quickly get a large part of planned result. And further improvements can be ineffective.

A memorandum is a note sent within an organization to inform staff. It is one of the most common form of commercial correspondence.

 


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