Pareto Analysis (Using the 80/20 Rule)is One Method of Determining

question 126

True/False

Pareto analysis (using the 80/20 rule)is one method of determining when preventive maintenance activities should be performed.

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Definitions:

Normal Distribution

A probability distribution that is symmetric around its mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Statistical Inference

The process of drawing conclusions about population parameters based on a sample taken from the population.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given number of observations.

Uniform Distribution

A type of probability distribution where all outcomes are equally likely; in a continuous uniform distribution, any value within a specified range is equally likely to occur.