Search results
Results from the WOW.Com Content Network
Pareto chart. A Pareto chart is a type of chart that contains both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line. The chart is named for the Pareto principle, which, in turn, derives its name from Vilfredo Pareto, a noted Italian economist.
Pareto principle. The Pareto principle may apply to fundraising, i.e. 20% of the donors contributing towards 80% of the total. The Pareto principle (also known as the 80/20 rule, the law of the vital few and the principle of factor sparsity[1][2]) states that for many outcomes, roughly 80% of consequences come from 20% of causes (the "vital few").
Histogram. Pareto chart. Scatter diagram. Flow chart. Run chart. The seven basic tools of quality are a fixed set of visual exercises identified as being most helpful in troubleshooting issues related to quality. [1] They are called basic because they are suitable for people with little formal training in statistics and because they can be used ...
Pareto front. In multi-objective optimization, the Pareto front (also called Pareto frontier or Pareto curve) is the set of all Pareto efficient solutions. [1] The concept is widely used in engineering. [2]: 111–148 It allows the designer to restrict attention to the set of efficient choices, and to make tradeoffs within this set, rather than ...
Constrained Pareto efficiency is a weakening of Pareto optimality, accounting for the fact that a potential planner (e.g., the government) may not be able to improve upon a decentralized market outcome, even if that outcome is inefficient. This will occur if it is limited by the same informational or institutional constraints as are individual ...
The Pareto distribution, named after the Italian civil engineer, economist, and sociologist Vilfredo Pareto, [2] is a power-law probability distribution that is used in description of social, quality control, scientific, geophysical, actuarial, and many other types of observable phenomena; the principle originally applied to describing the distribution of wealth in a society, fitting the trend ...
Multi-objective optimization or Pareto optimization (also known as multi-objective programming, vector optimization, multicriteria optimization, or multiattribute optimization) is an area of multiple-criteria decision making that is concerned with mathematical optimization problems involving more than one objective function to be optimized simultaneously.
The Pareto index is the parameter α. Since a proportion must be between 0 and 1, inclusive, the index α must be positive, but in order for the total income of the whole population to be finite, α must also be greater than 1. The larger the Pareto index, the smaller the proportion of very high-income people.