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Define and give an example of the "Critical Few"

Define and give an example of the "Critical Few"

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Ans) The critical few are the minority of causes that contribute to the majority of the effects. The critical few is the '20' part of the Pareto Principle, otherwise known as the 80-20 rule.

In ABC analysis, Known as Pareto Principle states "there are critical few and trivial many".
- Idea means inventory policies focus on resources that are the few critical inventory parts and not the many trivial ones.

For example, an early stage company's critical few may include winning first customers. A later stage company's may include deepening leadership capability. Other examples of critical few are - finding product-market fit, or introduction of a sales driven culture.

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