The Pareto Principle Is Best Applied to Which of the Following

question 83

Multiple Choice

The Pareto principle is best applied to which of the following inventory systems?

• A)EOQ
• B)Fixed-time period
• C)ABC classification
• D)Fixed-order quantity
• E)Optional replenishment system

Recognize the role of computer-aided manufacturing (CAM) in improving production efficiency.

Discuss the challenges and strategies to bridge the digital divide.

Identify appropriate IT support channels for resolving workplace technology issues.

Understand basic principles of Search Engine Optimization (SEO) to enhance website visibility.

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Definitions:

Customer Retention

The activities and actions companies take to reduce the number of customer defections and to encourage customers to continue using their services or products.

Profitable Marketing Strategy

A plan for marketing products or services that focuses on generating significant profit margins and return on investment.

Cash Cow

A product, service, or business unit that generates significantly more money than it costs to maintain, often providing the funding necessary to support other business activities.

Question Mark

In the context of business, a Question Mark refers to products in the Boston Consulting Group matrix that have low market share in high-growth markets, indicating uncertainty.