as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the principle of the pareto principle.
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the pareto principle, also known as the 80/20 rule, states that 80% of the outcomes are derived from 20% of the causes. it provides a way to identify the most important elements of a problem, allowing teams to focus on solving the most important part first.
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