True or False: The 80/20 rule is also known as the "Pareto Principle".

The statement is true; the 80/20 rule is indeed known as the "Pareto Principle." This principle, named after Italian economist Vilfredo Pareto, suggests that in many situations, approximately 80% of effects come from 20% of causes. This concept is widely applied in various fields, such as business, economics, and quality control, where it highlights the importance of identifying the most impactful factors in order to achieve significant results. Understanding this principle can help organizations prioritize their resources and efforts more effectively, focusing on the small percentage of factors that will lead to the majority of outcomes.