Pareto Principlechartoptim

ALITY. The French-born Italian mathematical economist and sociologist Vilfredo Pareto (1848-1923) suggested that all societies must change eventually by means of revolutions because they tend to be governed by a minority of the rich and powerful. Pareto often employed a Pareto chart (i.e., a vertical bar chart that shows the frequency of relative importance of conditions or issues) to explain and illustrate his ideas; the chart is designed as an analytic tool ("Pareto analysis") to indicate a starting point for process-improvement by visually aiding in the discrimination and separation of the few important and vital issues from the many trivial issues. In Pareto opti-mality, an income-distribution situation is described in which the distribution of economic welfare cannot be improved for one individual without reducing that of another person; on the other hand, the Pareto principle states that a legitimate welfare improvement occurs only when any change improves the welfare of at least one person. See also DECISION-MAKING THEORIES; MEASUREMENT THEORY.

Conquering Fear In The 21th Century

Conquering Fear In The 21th Century

The Ultimate Guide To Overcoming Fear And Getting Breakthroughs. Fear is without doubt among the strongest and most influential emotional responses we have, and it may act as both a protective and destructive force depending upon the situation.

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