________ Often Is Referred to as the 80-20 Rule Because

question 15

Multiple Choice

________ often is referred to as the 80-20 rule because 80% of a given outcome typically results from 20% of an input.

• A)Ishikawa charting
• B)Pareto analysis
• C)Rightsizing
• D)Benchmarking

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with high elasticity indicating a strong response and low elasticity indicating a weak response.

Free Range Eggs

Eggs that come from chickens that have been given the freedom to roam outdoors, rather than being confined in small cages.

Cartons

Containers usually made of paperboard or cardboard used for storing and transporting goods.

Income Elasticity

The degree to which consumer demand for a product shifts following alterations in their financial earnings.