THE PARETO PRINCIPLE: ITS USE AND ABUSE Robert Sanders Vilfredo Pareto was a late nineteenth-century economist/sociologist who first noted and re- ported his observation that about 80 percent of wealth was concentrated in about 20 percent of a population. This is the basis for what we now call the Pareto Principle. J. M. Juran‚ one of the foremost practitioners of statistical quality control‚ claims credit for giving the Pareto principle its name. Juran’s Pareto Principle is sometimes known as
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I. The Robinson Crusoe Economy Plays a dual role: as consumer and as producer. He chooses between two goods: leisure and coconuts as a customer. If he sits on the beach watching the ocean‚ he is consuming leisure. If he spends his time gathering coconuts‚ he has less time for leisure but gets to eat the coconuts. We can depict Robinson production opportunities and preferences over the two goods. At this point‚ the slope of the indifference curve must equal the slope ofthe production function
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Edgeworth Box Definitions a diagram devised by F. Y. Edgeworth‚ in the form of a box which plots the indifference curves of two individuals or firms relative to the consumption or production of two goods. The contract curve plotted shows the points where the utility to the two individuals or firms is equal. analytical tool for determining the contract curve used in welfare economics. It is caused by the combination of the indifference curve systems of two exchange partners For this‚ the two
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2 hours Answer THREE questions Use diagrams where appropriate Use a separate book for each answer Where shown the % indicates the mark distribution within a question Graph paper provided Do not open or turn over this exam paper‚ or start to write anything until told to by the Invigilator. Starting to write before permitted to do so may be seen as an attempt to use Unfair Means. [58277] Page 1 of 4 [Continued] Answer THREE questions Use diagrams where appropriate Use a separate book for
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in a professional matter. This includes common charts or graphs that present data in percentages and qualities. This helps the viewers see the clean data in details. The basic charts used to present data in statistics are Bar or Pareto graphs and Pie or Circle graphs. Pareto and bar graphs both categorize qualitative data using bar figures to present the bar graph. Pie and circle graphs present qualitative data in a circle or pie figure. Usually
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Quality – term used by customers to describe their general satisfaction with a product/service Quality dimensions: 1. Customer satisfaction 2. Employee involvement 3. Continuous improvement in performance Customer Satisfaction 1. Conformance to Specifications – process performance standards; relates to consistent quality‚ on-time delivery‚ or delivery speed 2. Value – how well a service or product serves its intended purpose at price customers are willing to pay‚ relies on customer’s expectations
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Six Sigma - A Breakthrough Strategy • 400 State-of-the-art training slides on concepts of Six Sigma‚ implementation methodologies‚ tools for achieving Six Sigma and training of black belts. • Self assessment utility package. • Quality promotional posters. 1. Basic concepts of Six Sigma Six Sigma is the most effective breakthrough strategy ever devised. It enables companies to make substantial improvements in their bottom-line by designing and monitoring every day business
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accomplished the prevention of needless deaths‚ she also founded the‚ “Polar-Area Diagram”. She called the diagram “coxcombs” and used them to chart and measure the occurrence of all the deaths during the Crimean War. Mortality rates peaked in January of 1855 at the British hospital Nightingale worked. That January She documented 3‚168 deaths using a chart method equivalent to what is known in modern day as the‚ Circular Histogram. Nightingale is primarily remembered for her contribution in implementing
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- What factor(s) trigged the initiation of CCHMC’s continuous improvement program? Cincinnati Children’s Hospital Medical Center" (CCHMC) details how one institution has implemented its own version of health-care reform‚ taking overall performance levels from well below average to the top 10 percent in the industry. The leadership of CCHMC did a great job of tackling important problems and engaging people throughout the organization in solving them. One of the key players is Dr. Uma Kotagal
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and 5=post graduate Computer Expertise COMP 1=Expert‚ 0=not an expert Grade Grade Job classification (1 to 6‚ 1=low‚ 6=high) Experience EXPERI Experience at this company (in years) 3. Explore the distribution of the Age variable via histogram and moments. Overlay a Normal curve on the
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