An approach to decision-making that identifies as few options as possible that will produce the maximum result is called pareto analysis. There are six steps that are involved when conducting a pareto analysis.

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Its a statistical method to determine the efficiency of a technique.

80/20 principle

ABC analysis means Activity Based Costing analysis, it also is a way of dividing a Pareto Chart into three regions (A, B and C) which contain 80%, 15% and 5%, respectively, of the problems. For Pareto chart see the link :

http://syque.com/improvement/Pareto%20Chart.htm