Pareto Optimality

Related Articles Pareto Efficiency Vilfredo Pareto Biography Pareto Principle Pareto Chart

Pareto optimality is named after Italian sociologist and economist Vilfredo Pareto (1848-1923), this is a situation which exists when economic resources and output have been allocated in such a way that no-one can be made better off without sacrificing the well-being of at least one person.

V Pareto, Manuale d'economia politica (Milan, 1906)

Pareto Optimum

A situation is considered Pareto Optimal or at the Pareto Optimum (cf: Pareto Efficiency) when it is the "best that could be achieved without disadvantaging at least one group." (Allan Schick, in Louis C. Gawthrop, 1970, p.32) and much like many of Pareto's works, have been found to be far more compelling and applicable then initially believed.

Applied Pareto Optimality

All projects are constrained by the Project Triangle (Time, Scope, and Money).  Based upon a given projects unique constraints, a project manager's goal is to complete the project with Pareto Optimality, balancing these constraints and finish the project.  Resource tradeoffs for project duration, adjusting scope using the (

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