The "80/20 Rule" Describes the Relationship That 80 Percent of an Organization's

question 123

True/False

The "80/20 rule" describes the relationship that 80 percent of an organization's business often comes from only 20 percent of its products or customers.

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Definitions:

Prototypes

Original models or first forms from which subsequent forms are derived or developed; in psychology, widely accepted examples of a certain category.

Heuristic

A mental shortcut or rule of thumb that simplifies decision-making but may not always lead to optimal outcomes.

Framing

How information is presented affects how that information is perceived and influences decisions.

Subgoals

Smaller, achievable objectives set as steps that contribute towards the attainment of a larger goal.