Essential Mathematical Formulas for PMP Certification Test
A = B + C
Example
Assume you’re organizing a charity event and see that the vast majority of your donations come from a small group of people. You find out:
– 80% of all donations are accounted for by 20% of your donors.
This follows the Pareto Principle, which states that a small percentage (20%) of your donors are responsible for a significant percentage (80%) of total donations.
Similarly, in a project:
– 80% of project resources may be used by 20% of tasks.
– 20% of problems might account for 80% of project delays.
Understanding the Pareto Principle enables project managers to concentrate on the activities or concerns that will have the greatest impact on the project’s success. They can frequently make big modifications or manage the bulk of challenges in a project more successfully by recognizing and resolving these essential few factors.
