American Association of Family and Consumer Sciences (AAFCS) Practice Test

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In decision-making, Pareto Analysis is also known as what?

The Law of Diminishing Returns
The 80/20 Rule
The Cost-Benefit Ratio
The Five Whys Method

The correct answer is: The 80/20 Rule

Pareto Analysis is commonly referred to as the 80/20 Rule, which encapsulates the principle that a small percentage of causes often lead to a majority of the effects. This concept suggests that in many situations, approximately 80% of the consequences come from 20% of the causes. In decision-making, this analysis helps prioritize issues or tasks by identifying the most significant factors that will yield the greatest results, allowing for efficient use of resources and efforts. This focus on the critical few elements that make the most substantial impact is central to effective problem-solving and strategic planning.