If the random variable y denotes an individual’s income, Pareto’s law claims that<u> P(Y>=y)= (k/y) raised to the power of 9</u>. Here k refers to the minimum income of the entire population.
Pareto's law states that for different outcomes, almost eighty percent of the results come from the twenty percent of the causes of the event. We also call it the 80/20 rule or the rule of the vital few or even the principle of factor sparsity.
Joseph M. Juran, a management consultant developed this concept keeping in mind the context of quality control as well as improvement after he read the works of the Italian economist Vilfredo Pareto.
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Answer: 123 different languages are listed in Nepal.
Answer: <em>Consumer-generated marketing</em>
Explanation:
Consumer-generated marketing also known as CGM is referred to as an affordable and efficient marketing strategy which tends to use a customer-created feedback and material, i.e. user created reviews and content. One of the major advantage of such kind of marketing is that it tends to be affordable and thus can be easily and quickly created. But there lies some drawbacks as well, i.e. the lack of control and relative rawness of such marketing.
