Explain the concept of a Pareto Chart

Assigned Readings:

Chapter 11: Project Risk Knowledge Management

Chapter 12: Cultural Shaping of Risk

Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.

Also, provide a graduate-level response to each of the following questions:

Risk concerns both positive and negative aspects of a possible event. For example, when the covid 19 crisis occurred it offered an unexpected business advantages or new product for certain organizations – a positive risk came to volition for these organizations. Also, the crisis offered an unexpected negative risk, where no one would come to a movie theatre – a negative risk volition.  

How should an organization prepare for either type of event?

How should a business avoid negative events occurring and enhance opportunity for positive events?

Explain the concept of a Pareto Chart – provide an example – explain how the concept of the Pareto Chart might be used in making decisions about handling negative risks which could impact a project or organization.

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