The 80/20 Principle,also Called Praedo's Law,states That 80 Percent of a Product's

question 164

True/False

The 80/20 principle,also called Praedo's law,states that 80 percent of a product's revenues come from 20 percent of its customers.

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Definitions:

Biases

Regular patterns of departure from normalcy or logical thinking in making judgments, leading to conclusions about others and circumstances in a way that lacks logic.

Attribution Process

The cognitive process by which individuals infer the causes of their own and others' behavior, attributing it to either internal dispositions or external situations.

Workplace Stereotypes

Preconceived and oversimplified beliefs about certain groups of people within a professional environment, often based on gender, age, race, or occupation.

Teamwork

The joint endeavor of a team to accomplish a shared objective or finish a task as effectively and efficiently as possible.