From the course: The Data Science of Nonprofit Service Organizations, with Barton Poulson

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Improving organization productivity and efficiency

Improving organization productivity and efficiency

From the course: The Data Science of Nonprofit Service Organizations, with Barton Poulson

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Improving organization productivity and efficiency

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- [Instructor] Are you familiar with the Pareto principle? It's sometimes called the 80/20 rule, even though the numbers don't need to add up to 100. The Pareto principle comes from some work by the Italian economist, Vilfredo Pareto, who in 1896 noted that approximately 80% of the land in Italy was owned by 20% of the people. It's also common to say that 80% of the result comes from 20% of the effort in something, or if you're in sales, that 80% of sales comes from 20% of the clients, and for a non-profit, 80% of the donations come from 20% of the donors, but the same thing is approximately true for data science. 80% of insight comes from 20% of the tools and the procedures. So, when it comes to improving organizational productivity and efficiency, sometimes the major challenge is just remembering that data can help with this, and once you get past that existence proof, you'll often find that the simplest tools can be the most effective, and in data science, nothing gets simpler than…

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