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(Solved): The Pareto phenomenon is one of the most important and pervasive concepts that can be applied at al ...
The Pareto phenomenon is one of the most important and pervasive concepts that can be applied at all levels of management. True False
Dealing with the fact that certain aspects of any management situation are more important than others is called: analysis of trade-offs. . sensitivity analysis. establishing priorities. analysis of variance. decision analysis.
Expert Answer
1. Answer: Option A) TrueExplanation: The 80/20 rule, sometimes referred to as the Pareto principle or the Pareto phenomenon, is a theory that holds that a relatively small number of causes or factors account for a disproportionately large proportion of the results or outcomes in diverse circumstances.According to this, 20% of causes account for about 80% of effects. This idea can be used in management to pinpoint the crucial elements that affect output, performance, or results most. Managers may prioritize their actions and allocate resources effectively to maximize results by concentrating their efforts, resources, and attention on these crucial elements.