What is the Pareto principle analysis?

Pareto Analysis is a statistical technique in decision-making. It is basically used for the selection of a limited number of tasks which can bring a significant overall effect. This principle follows the Pareto Principle (also known as the 80/20 rule) and states that 80% of the results come from 20% of the actions. It helps in prioritizing the work especially in large projects with a number of small tasks