regulatoryBody NABARD Grade A Prelims Mock Test 2024 Management Concepts of Management Decision Making
The "Pareto Principle," often applied in decision-making, suggests that:
1
All causes contribute equally to the outcome
2
A small number of causes are responsible for a large portion of the effects
3
A majority decision is always the most effective
4
Decisions should be based on the maximum utility
5
The optimal decision is achieved by considering all possible alternatives