Which of the following options would fit the blank in the following question? The _________ technique is 80/20 rule.Choices:- Pareto analysis Marginal analysis Break-even analysis Cost benefit analysis
Question
Which of the following options would fit the blank in the following question? The _________ technique is 80/20 rule.Choices:- Pareto analysis Marginal analysis Break-even analysis Cost benefit analysis
Solution
The correct answer is Pareto analysis. The 80/20 rule is also known as the Pareto principle, which states that roughly 80% of the effects come from 20% of the causes. This principle is widely used in business management, where it often observed that 80% of a company's profits come from 20% of its customers. Therefore, the technique that fits the blank in the question is Pareto analysis.
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