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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.
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 ...
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").
Generalized Pareto distribution. In statistics, the generalized Pareto distribution (GPD) is a family of continuous probability distributions. It is often used to model the tails of another distribution. It is specified by three parameters: location , scale , and shape . [2][3] Sometimes it is specified by only scale and shape [4] and sometimes ...
Multivariate Pareto distribution. In statistics, a multivariate Pareto distribution is a multivariate extension of a univariate Pareto distribution. [1] There are several different types of univariate Pareto distributions including Pareto Types I−IV and Feller−Pareto. [2] Multivariate Pareto distributions have been defined for many of these ...
The Bernoulli distribution, which takes value 1 with probability p and value 0 with probability q = 1 − p. The Rademacher distribution, which takes value 1 with probability 1/2 and value −1 with probability 1/2. The binomial distribution, which describes the number of successes in a series of independent Yes/No experiments all with the same ...
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. Alternatively, in terms of odds, X:Y.
In probability theory and statistics, there are several relationships among probability distributions. These relations can be categorized in the following groups: One distribution is a special case of another with a broader parameter space. Transforms (function of a random variable);
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