The Pareto Distribution is a mathematical concept used to analyze how wealth or other resources are distributed. It is based on the idea that a small percentage of the population holds the majority of the wealth, known as the '80/20 rule'. Different types of Pareto distributions exist, with the Pareto-I distribution being the most basic. Engineers use the Pareto principle to prioritize actions based on this distribution. The Pareto-II distribution is a more complex version, with the Lomax distribution being a special case of it. Engineers have found that setting a certain parameter close to zero in the Pareto-II distribution can help predict process disturbances and errors.