The Pareto Principle, also known as the 80/20 rule, is a socio-economic concept formulated by economist Vilfredo Pareto. It states that in many situations, approximately 80% of the consequences or outcomes arise from 20% of the causes or inputs. Originally observed in the distribution of wealth, the principle has been widely applied across various fields such as business, economics, logistics, science, and technology. The Pareto Principle serves as a valuable tool for prioritizing efforts and allocating resources by identifying the vital few causes or factors that yield the majority of the results. While the specific ratio may vary, the underlying principle emphasizes the significance of focusing on the critical few elements that generate the most significant impact.