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Pareto Distribution

Myke King

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Abstract

This chapter discusses the types of Pareto distribution. Originally developed for exploring the distribution of wealth, they lead to Pareto analysis and to the Pareto principle, or '80/20 rule', familiar to many engineers. The Pareto principle forms the basis of Pareto analysis – a technique for prioritising actions. The generalised Pareto distribution is categorized into some different distributions. The most straightforward is developed by adding a power term to the Pareto-I distribution. It is also known as the Stoppa distribution. The Pareto-II distribution is a special case of the Burr-XII distribution. The Lomax distribution is a special form of the Pareto-II distribution in which α is set to zero. In the case of process disturbances and inferential errors, engineers would expect the mean value to be zero. They saw this confirmed by fitting the Pareto-II distribution that set α very close to zero.

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This chapter discusses the types of Pareto distribution. Originally developed for exploring the distribution of wealth, they lead to Pareto analysis and to the Pareto principle, or '80/20 rule', familiar to many engineers. The Pareto principle forms the basis of Pareto analysis – a technique for prioritising actions. The generalised Pareto distribution is categorized into some different distributions. The most straightforward is developed by adding a power term to the Pareto-I distribution. It is also known as the Stoppa distribution. The Pareto-II distribution is a special case of the Burr-XII distribution. The Lomax distribution is a special form of the Pareto-II distribution in which α is set to zero. In the case of process disturbances and inferential errors, engineers would expect the mean value to be zero. They saw this confirmed by fitting the Pareto-II distribution that set α very close to zero.

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Available abstract

This chapter discusses the types of Pareto distribution. Originally developed for exploring the distribution of wealth, they lead to Pareto analysis and to the Pareto principle, or '80/20 rule', familiar to many engineers. The Pareto principle forms the basis of Pareto analysis – a technique for prioritising actions. The generalised Pareto distribution is categorized into some different distributions. The most straightforward is developed by adding a power term to the Pareto-I distribution. It is also known as the Stoppa distribution. The Pareto-II distribution is a special case of the Burr-XII distribution. The Lomax distribution is a special form of the Pareto-II distribution in which α is set to zero. In the case of process disturbances and inferential errors, engineers would expect the mean value to be zero. They saw this confirmed by fitting the Pareto-II distribution that set α very close to zero.

Key concepts: Pareto principle, Pareto distribution, Pareto interpolation, Lomax distribution, Pareto analysis, Distribution (mathematics), Mathematics, Mathematical optimization

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