Tag: Risk Management

Pareto’s Law: the Power of the Vital Few for Maximum Results

Illustration of the Pareto's Law showing a pie chart sliced into an 80% and a 20% chunk for efforts, and an arrow showing that 20% of the effort yields 80% of the results displayed in another pie chart.

Pareto's Law is also known as the 80/20 Rule or Principle. The term was coined after Italian economist Vilfredo Pareto, who observed this principle in his studies. Pareto's Law states that approximately 80% of the effects come from 20% of the causes. It suggests that a minority of inputs or factors contribute to a majority of the outcomes or results. Read on to learn more.

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Expect the Unexpected: Unpacking the Mysterious Power of Murphy’s Law

Murphy's Law is a popular adage that states, "Anything that can go wrong will go wrong." The term is attributed to Edward A. Murphy, Jr., an American aerospace engineer who coined the phrase in the late 1940s. It is often used humorously or as a cautionary reminder to be prepared for unexpected events or failures. Read on to learn more.

Murphy's Law is a popular adage that states, "Anything that can go wrong will go wrong." The term is attributed to Edward A. Murphy, Jr., an American aerospace engineer who coined the phrase in the late 1940s. It is often used humorously or as a cautionary reminder to be prepared for unexpected events or failures. Read on to learn more.

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