What Is Pareto Principle?

What Is Pareto Principle?
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Pareto Principle is also known as 80/20 principle. It is a management tool to track problem tracking effectively. This principle says that 20% of the problems lead to 80% of other problems. Hence, in order to concentrating on solving 80% of the problems rather, one can concentrate to solve 20 % of the problems which saves lot of troubles. The analysis and concentration is done for only 20% of the vital problems. In a project the vital problems are the first 10% and the last 10% .
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Related questions

Define Pareto Principle Or 80/20 Principle?

Description : Define Pareto Principle Or 80/20 Principle?

Last Answer : It is one way of tackling problem in management. It says 20% of the problems lead to other 80% of the problems. According to this principle, we should focus on 20% of the problem. In any software project first 10% and last 10% from the vital part of the project.

What is a visual representation of a project’s planned activities against a calendar called? a. A Gantt chart. b. A critical path network. c. A product flow diagram. d. A Pareto chart.

Description : What is a visual representation of a project’s planned activities against a calendar called? a. A Gantt chart. b. A critical path network. c. A product flow diagram. d. A Pareto chart.

Last Answer : a. A Gantt chart.

While assessing your project processes, you have identified some uncontrolled process variations. Which of the following would be the appropriate chart you may use for this purpose? Select one: a. Pareto diagram b. PERT chart c. Control chart d. HR personnel chart e. Critical path

Description : While assessing your project processes, you have identified some  uncontrolled process variations. Which of the following would be the  appropriate chart you may use for this purpose? Select one: a. Pareto diagram b. PERT chart c. Control chart d. HR personnel chart e. Critical path

Last Answer : c. Control chart

What is a visual representation of a project’s planned activities against a calendar called? a. A Gantt chart. b. A critical path network. c. A product flow diagram. d. A Pareto chart.

Description : What is a visual representation of a project’s planned activities against a calendar called?  a. A Gantt chart.  b. A critical path network.  c. A product flow diagram.  d. A Pareto chart.

Last Answer : a. A Gantt chart.

What do you understand of Pareto (80/20) principle/analysis?

Description : What do you understand of Pareto (80/20) principle/analysis?

Last Answer : This is a statistical analysis method that helps decide priorities between several actions to be taken. The basis is that there are about 20% action which when executed gets you 80% of the results. In QA this is used to identify the 20% of causes that create 80% of the problems.

Diversity management works on the principle of ____

Description : Diversity management works on the principle of ____

Last Answer : Ans. Acceptance

Boehm suggests an approach that addresses project objectives, milestones and schedules, responsibilities, management and technical approaches and required resources, This principle is called as . a. W3HH principle b. WHO principle c. W5HH principle d. None of the above.

Description : Boehm suggests an approach that addresses project objectives,  milestones and schedules, responsibilities, management and  technical approaches and required resources, This principle is  called as . a. W3HH principle b. WHO principle c. W5HH principle d. None of the above.

Last Answer : c. W5HH principle

Which of the following statements relating to working capital financing is not correct? A. An aggressive policy uses long-term debt to finance fluctuating current assetsB. Long-term debt is less risky that short-term debt C. A conservative policy uses long-term debt to finance fixed assets D. Short-term debt is cheaper than long-term debt E. The matching principle indicates that fluctuating current assets should be financed by short-term debt

Description : Which of the following statements relating to working capital financing is not correct? A. An aggressive policy uses long-term debt to finance fluctuating current assets B. Long-term debt ... . The matching principle indicates that fluctuating current assets should be  financed by short-term debt

Last Answer : A. An aggressive policy uses long-term debt to finance fluctuating current assets

Which of the following is a basic principle of finance as it relates to the management of working capital? A. Profitability varies inversely with risk. B. Liquidity moves together with risk. C. Profitability moves together with risk. D. Profitability moves together with liquidity.

Description : Which of the following is a basic principle of finance as it relates to the management of  working capital? A. Profitability varies inversely with risk. B. Liquidity moves together with risk. C. Profitability moves together with risk. D. Profitability moves together with liquidity.

Last Answer : C. Profitability moves together with risk.

Which of the following is not followed in capital budgeting? A. Cash flows principle B. Interest exclusion principle C. Accrual principle D. Post tax principle

Description : Which of the following is not followed in capital budgeting? A. Cash flows principle B. Interest exclusion principle C. Accrual principle D. Post tax principle

Last Answer : C. Accrual principle

What Is 80/20 Principle?

Description : What Is 80/20 Principle?

Last Answer :  80/20 principle is also called as Pareto's principle.  It believes that 20% os tasks consume 80% energy for e.g. - 20% tasks in development consume 80% time, 20% of project personnel perform 80% task etc.

The equilibrium is unstable and indeterminate under A.Edgeworth modelB.Cournot ModelC.Sweezy ModelD.Pareto Model

Description : The equilibrium is unstable and indeterminate under A.Edgeworth model B.Cournot Model C.Sweezy Model D.Pareto Model

Last Answer : A.Edgeworth model

What are all the types of pareto analysis

Description : What are all the types of pareto analysis

Last Answer : There are two types of pareto analysis (i)Pareto analysis based on Phenomenon (ii)Pareto analysis based on causes

………….. is a situation in which it is not possible to make someone better off without making someone worse off (a) Social efficiency ; (b) Production efficiency ; (c) Distribution efficiency ; (d) Pareto efficiency

Description : ………….. is a situation in which it is not possible to make someone better off without making someone worse off (a) Social efficiency ; (b) Production efficiency ; (c) Distribution efficiency ; (d) Pareto efficiency

Last Answer :  (d) Pareto efficiency

Which one of the following statements is incorrect ? (A) Pareto analysis is a statistical method used for analyzing causes, and is one of the primary tools for quality management. (B) Reliability of a software specifies the probability of failure-free operation of that software for a given time duration. (C) The reliability of a system can also be specified as the Mean Time To Failure (MTTF). (D) In white-box testing, the test cases are decided from the specifications or the requirements.

Description : Which one of the following statements is incorrect ? (A) Pareto analysis is a statistical method used for analyzing causes, and is one of the primary tools for quality management. (B) Reliability of ... (D) In white-box testing, the test cases are decided from the specifications or the requirements.

Last Answer : (D) In white-box testing, the test cases are decided from the specifications or the requirements.

In which of the following systems, few rules over all

Description : In which of the following systems, few rules over all

Last Answer : Oligarchy

Herodatus is considered as

Description : Herodatus is considered as

Last Answer : Father of History

Each component of the software product is separately estimated and the results aggregated to produce an estimate for the overall job. (A) Algorithmic model (B) Expert judgment (C) Bottom-up (D) Top down

Description : Each component of the software product is separately estimated and the results aggregated to produce an estimate for the overall job. (A) Algorithmic model (B) Expert judgment (C) Bottom-up (D) Top down

Last Answer : (C) Bottom-up

Tool used for comparison of the proposed project to complete projects of a similar nature whose costs are known. (A) Algorithmic model (B) Expert judgment (C) Top down (D) Analogy

Description : Tool used for comparison of the proposed project to complete projects of a similar nature whose costs are known. (A) Algorithmic model (B) Expert judgment (C) Top down (D) Analogy

Last Answer : (D) Analogy

The entire process of a project may be considered to be made up on number of sub process placed in different stage called the (A) Technical key resources (B) Work key structure (C) Work Breakdown Structure (WBS). (D) None of the above

Description : The entire process of a project may be considered to be made up on number of sub process placed in different stage called the (A) Technical key resources (B) Work key structure (C) Work Breakdown Structure (WBS). (D) None of the above

Last Answer : (C) Work Breakdown Structure (WBS).

In the initial stage of the project the probability of comple(C) Low (D) Any of the aboveting the project is ___ . (A) Zero (B) High

Description : In the initial stage of the project the probability of completing the project is ___ . (A) Zero (B) High (C) Low (D) Any of the above

Last Answer : (C) Low

The probability of completing the project can be estimated based upon the ____ . (A) Uniform distribution curve (B) Normal distribution curve. (C) U-shaped distribution curve (D) None of the above

Description : The probability of completing the project can be estimated based upon the ____ . (A) Uniform distribution curve (B) Normal distribution curve. (C) U-shaped distribution curve (D) None of the above

Last Answer : (B) Normal distribution curve.

Resorce requirement in project becomes constant while the project is in its _____ progress stage. (A) 40 to 55% (B) 55 to 70% (C) 70 to 80% (D) 80 to 95%

Description : Resorce requirement in project becomes constant while the project is in its _____ progress stage. (A) 40 to 55% (B) 55 to 70% (C) 70 to 80% (D) 80 to 95%

Last Answer : (D) 80 to 95%

Five dimensions that must be managed on a project (A) Constraint, Quality, Cost, Schedule, Staff (B) Features, Quality, Cost, Schedule, Staff (C) Features, priority, Cost, Schedule, Staff (D) Features, Quality, Cost, Schedule, customer

Description : Five dimensions that must be managed on a project (A) Constraint, Quality, Cost, Schedule, Staff (B) Features, Quality, Cost, Schedule, Staff (C) Features, priority, Cost, Schedule, Staff (D) Features, Quality, Cost, Schedule, customer

Last Answer : (B) Features, Quality, Cost, Schedule, Staff

Project performance consists of (A) Time (B) Cost (C) Quality (D) All of the above

Description : Project performance consists of (A) Time (B) Cost (C) Quality (D) All of the above

Last Answer : (C) Quality

Design phase consist of (A) Input received (B) Output received (C) Both (A) and (B) (D) None of the above

Description : Design phase consist of (A) Input received (B) Output received (C) Both (A) and (B) (D) None of the above

Last Answer : (C) Both (A) and (B)

Following are the phases of Project Management Life Cycle. Arrange them in correct order 1. Design, 2. Marketing, 3. Analysis and evaluation, 4. Inspection, testing and delivery (A) 3-2-1-4 (B) 1-2-3-4 (C) 2-3-1-4 (D) 4-3-2-1

Description : Following are the phases of Project Management Life Cycle. Arrange them in correct order 1. Design, 2. Marketing, 3. Analysis and evaluation, 4. Inspection, testing and delivery (A) 3-2-1-4 (B) 1-2-3-4 (C) 2-3-1-4 (D) 4-3-2-1

Last Answer : (A) 3-2-1-4

Following is(are) the responsibility(ies) of the project manager. (A) Budgeting and cost control (B) Allocating resources (C) Tracking project expenditure

Description : Following is(are) the responsibility(ies) of the project manager. (A) Budgeting and cost control (B) Allocating resources (C) Tracking project expenditure

Last Answer : (C) Tracking project expenditure

The project life cycle consists of (A) Understanding the scope of the project (B) Objectives of the project (C) Formulation and planning various activities (D) All of the above

Description : The project life cycle consists of (A) Understanding the scope of the project (B) Objectives of the project (C) Formulation and planning various activities (D) All of the above

Last Answer : (D) All of the above

Developing a technology is an example of (A) Process (B) Project (C) Scope (D) All of the above

Description : Developing a technology is an example of (A) Process (B) Project (C) Scope (D) All of the above

Last Answer : (B) Project

Resources refers to (A) Manpower (B) Machinery (C) Materials (D) All of the above

Description : Resources refers to (A) Manpower (B) Machinery (C) Materials (D) All of the above

Last Answer : (D) All of the above

A ____ is a set of activities which are networked in an order and aimed towards achieving the goals of a project. (A) Project (B) Process (C) Project management (D) Project cycle

Description : A ____ is a set of activities which are networked in an order and aimed towards achieving the goals of a project. (A) Project (B) Process (C) Project management (D) Project cycle

Last Answer : (A) Project

Which structure shows the reporting relationships and communications channels for a project? a. Work Breakdown Structure. b. Organizational Breakdown Structure. c. Product Breakdown Structure. d. Responsibility assignment structure.

Description : Which structure shows the reporting relationships and communications channels for a project? a. Work Breakdown Structure. b. Organizational Breakdown Structure. c. Product Breakdown Structure. d. Responsibility assignment structure.

Last Answer : b. Organizational Breakdown Structure.

Which one of the following best describes project managc. Utilizing team members who can work on a project full time. d. Application of processes and methods throughout the project life cycle.ement? a. Using APM’s Body of Knowledge 6th edition as a guide to all projects. b. Employing a project manager who has undertaken similar projects.

Description : Which one of the following best describes project management? a. Using APM's Body of Knowledge 6th edition as a guide to all projects. b. Employing a project manager who has undertaken similar ... on a project full time. d. Application of processes and methods throughout the project life cycle.

Last Answer : d. Application of processes and methods throughout the project life cycle.

A portfolio can best be defined as: a. a group of projects and programs carried out within an organization. b. a group of programs carried out under the sponsorship of an organization. c. a group of projects carried out under the sponsorship of an organization. d. a range of products and services offered by an organization.

Description :  A portfolio can best be defined as: a. a group of projects and programs carried out within an organization. b. a group of programs carried out under the sponsorship of an organization. c ... the sponsorship of an organization. d. a range of products and services offered by an organization.

Last Answer : a. a group of projects and programs carried out within an organization.

The phases of a project life cycle are: a. starting, planning, control and closing. b. concept, definition, development, handover and closure. c. initiation, definition, planning, monitoring and operations. d. concept, definition, implementation and operations.

Description : The phases of a project life cycle are: a. starting, planning, control and closing. b. concept, definition, development, handover and closure. c. initiation, definition, planning, monitoring and operations. d. concept, definition, implementation and operations.

Last Answer : b. concept, definition, development, handover and closure.

Who are project team members primarily accountable to? a. External stakeholders. b. The end users. c. The finance director. d. The project manager.

Description : Who are project team members primarily accountable to? a. External stakeholders. b. The end users. c. The finance director. d. The project manager.

Last Answer : d. The project manager.

Which one of the following is true for the Project Management Plan (PMP)? a. The Project Management Plan is developed by the project manager and team and owned by the sponsor. b. A draft of the Project Management Plan is developed by the sponsor at the same time as the business case. c. The Project Management Plan is developed by the sponsor and owned by the project manager. d. The Project Management Plan is developed by the project manager and team and owned by the project manager.

Description : Which one of the following is true for the Project Management Plan (PMP)? a. The Project Management Plan is developed by the project manager and team and owned by the  sponsor. b. A ... The Project Management Plan is developed by the project manager and team and owned by the project manager.

Last Answer : d. The Project Management Plan is developed by the project manager and team and owned by the project manager.

Which one of the following best defines a benefit? a. A positive result of stakeholder management. b. The successful management of a project. c. An improvement resulting from project deliverables. d. The successful delivery of project reports and updates.

Description : Which one of the following best defines a benefit? a. A positive result of stakeholder management. b. The successful management of a project. c. An improvement resulting from project deliverables. d. The successful delivery of project reports and updates.

Last Answer : c. An improvement resulting from project deliverables.

The accuracy of an estimate should: a. decrease as a project progresses through its life cycle. b. increase as a project progresses through its life cycle. c. stay constant throughout the project life cycle. d. vary independently of where the project is in its life cycle.

Description : The accuracy of an estimate should: a. decrease as a project progresses through its life cycle. b. increase as a project progresses through its life cycle. c. stay constant throughout the project life cycle. d. vary independently of where the project is in its life cycle.

Last Answer : b. increase as a project progresses through its life cycle.

A Cost Breakdown Structure (CBS) shows costs assigneb. individual resources using the Work Breakdown Structure (WBS). c. individual resources using the Responsibility Assignment Matrix (RAM). d. individual deliverables using the Responsibility Assignment Matrix (RAM)d to: a. individual work packages using the Work Breakdown Structure (WBS).

Description : A Cost Breakdown Structure (CBS) shows costs assigned to: a. individual work packages using the Work Breakdown Structure (WBS). b. individual resources using the Work Breakdown Structure ... Assignment Matrix (RAM). d. individual deliverables using the Responsibility Assignment Matrix (RAM)

Last Answer : a. individual work packages using the Work Breakdown Structure (WBS).

Configuration management is best described as: a. control in the implementation of changes to project schedules. b. an organization to review proposed changes to the project deliverables. c. quality control of project deliverables and documentation. d. creation, maintenance and controlled change of the project deliverables.

Description : Configuration management is best described as: a. control in the implementation of changes to project schedules. b. an organization to review proposed changes to the project deliverables ... and documentation. d. creation, maintenance and controlled change of the project deliverables.

Last Answer : d. creation, maintenance and controlled change of the project deliverables.

The main aim of a project risk management process should be to: a. identify project risks and then manage them appropriately. b. identify all project risks and transfer them immediately. c. identify all the things that are threats or opportunities on a project. d. satisfy the organization’s project management process.

Description : The main aim of a project risk management process should be to: a. identify project risks and then manage them appropriately. b. identify all project risks and transfer them immediately. c ... are threats or opportunities on a project. d. satisfy the organization's project management process.

Last Answer : a. identify project risks and then manage them appropriately.

Which one of the following statements best describes the use of an issue log? a. A summary of all possible alternative resolutions of an issue. b. A summary of all the project issues, their analysis and status. c. A tool to ensure that a process is in place for capturing all issues. d. A tool to ensure that the issue management process is adhered to.

Description : Which one of the following statements best describes the use of an issue log? a. A summary of all possible alternative resolutions of an issue. b. A summary of all the project issues, their ... for capturing all issues. d. A tool to ensure that the issue management process is adhered to.

Last Answer : b. A summary of all the project issues, their analysis and status.

A review undertaken to decide whether a project should proceed into its next phase is known as a: a. gate review. b. feasibility study. c. milestone review. d. evaluation review.

Description : A review undertaken to decide whether a project should proceed into its next phase is known as a: a. gate review. b. feasibility study. c. milestone review. d. evaluation review.

Last Answer : a. gate review.

Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal. b. Developing skills that will enhance project performance. c. Gathering the right people together to work on a project. d. Establishing vision and direction towards a common purpose.

Description : Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal. b. Developing skills that will enhance project performance. c. Gathering the ... together to work on a project. d. Establishing vision and direction towards a common purpose.

Last Answer : a. People working collaboratively towards a common goal.

. A key aspect of managing a project involves: a. definingb. identifying routine tasks. c. ensuring ongoing operations are maintained. d. planning to achieve defined objectives which operational systems to put in place.

Description : . A key aspect of managing a project involves: a. defining which operational systems to put in place. b. identifying routine tasks. c. ensuring ongoing operations are maintained. d. planning to achieve defined objectives

Last Answer : d. planning to achieve defined objectives.

Which one of the following illustrates why effective project management is beneficial to an organization? a. It utilizes resources as and when required under direction of a project manager. b. It advocates employing a consultancy firm which specializes in managing change. c. It recommends using only highly skilled people in the project team. d. It ensures that the chief executive is accountable for the achievement of the defined benefits.

Description : Which one of the following illustrates why effective project management is beneficial to an organization? a. It utilizes resources as and when required under direction of a project manager. b. ... d. It ensures that the chief executive is accountable for the achievement of the defined benefits.

Last Answer : a. It utilizes resources as and when required under direction of a project manager.

When a project has completed the handover and closure phase: a. the project deliverables are ready for commissioning. b. the project deliverables are ready for handing over to the users. c. the project documentation must be disposed of. d. the capability is now in place for the benefits to be realized.

Description : When a project has completed the handover and closure phase: a. the project deliverables are ready for commissioning. b. the project deliverables are ready for handing over to the users. c. the project ... must be disposed of. d. the capability is now in place for the benefits to be realized.

Last Answer : d. the capability is now in place for the benefits to be realized.

Who has ultimate responsibility for project risk? a. Steering group. b. Risk owner. c. Project sponsor. d. Project manager.

Description : Who has ultimate responsibility for project risk? a. Steering group. b. Risk owner. c. Project sponsor. d. Project manager.

Last Answer : c. Project sponsor.