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Pareto Priority Index
The Pareto priority index (PPI) is an index used to prioritize several (quality improvement) projects. It is named for its connection with the Pareto principle named after the economist Vilfredo Pareto. It is especially used in the surroundings of Six Sigma projects. It was first established by AT&T AT&T Inc. is an American multinational telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world's largest telecommunications company by revenue and the third largest provider of mobile tel .... The PPI is calculated as follows: : \text = \frac A high PPI suggests a high project priority. References {{authority control Secondary sector of the economy Vilfredo Pareto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Principle
The Pareto principle states that for many outcomes, roughly 80% of consequences come from 20% of causes (the "vital few"). Other names for this principle are the 80/20 rule, the law of the vital few, or the principle of factor sparsity. Management consultant Joseph M. Juran developed the concept in the context of quality control and improvement after reading the works of Italian sociologist and economist Vilfredo Pareto, who wrote about the 80/20 connection while teaching at the University of Lausanne. In his first work, ''Cours d'économie politique'', Pareto showed that approximately 80% of the land in the Kingdom of Italy was owned by 20% of the population. The Pareto principle is only tangentially related to the Pareto efficiency. Mathematically, the 80/20 rule is roughly described by a power law distribution (also known as a Pareto distribution) for a particular set of parameters. Many natural phenomena distribute according to power law statistics. It is an adage of busin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vilfredo Pareto
Vilfredo Federico Damaso Pareto ( , , , ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath (civil engineer, sociologist, economist, political scientist, and philosopher). He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. He was also responsible for popularising the use of the term "elite" in social analysis. He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to discover that income follows a Pareto distribution, which is a power law probability distribution. The Pareto principle was named after him, and it was built on his observations that 80% of the wealth in Italy belonged to about 20% of the population. He also contributed to the fields of sociology and mathematics. According to the mathematician Benoit Mandelbrot and Richard L. Hudson: Biography Pareto was born of an e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AT&T
AT&T Inc. is an American multinational telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world's largest telecommunications company by revenue and the third largest provider of mobile telephone services in the U.S. , AT&T was ranked 13th on the ''Fortune'' 500 rankings of the largest United States corporations, with revenues of $168.8 billion. During most of the 20th century, AT&T had a monopoly on phone service in the United States. The company began its history as the American District Telegraph Company, formed in St. Louis in 1878. After expanding services to Arkansas, Kansas, Oklahoma and Texas, through a series of mergers, it became Southwestern Bell Telephone Company in 1920, which was then a subsidiary of American Telephone and Telegraph Company. The latter was a successor of the original Bell Telephone Company founded by Alexander Graham Bell in 1877. The American Bell Telephone Company formed the American Teleph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secondary Sector Of The Economy
In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction. This sector generally takes the output of the primary sector (i.e. raw materials) and creates finished goods suitable for sale to domestic businesses or consumers and for export (via distribution through the tertiary sector). Many of these industries consume large quantities of energy, require factories and use machinery; they are often classified as light or heavy based on such quantities. This also produces waste materials and waste heat that may cause environmental problems or pollution (see negative externalities). Examples include textile production, car manufacturing, and handicraft. Manufacturing is an important activity in promoting economic growth and development. Nations that export manufactured products tend to generate highe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
