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CAPM Test Question/PMP Test Question regarding Pareto's Law 12. What is Pareto's Law ? A.      80% of the effects come from 20% of the causes B.     Work expands so as to fill the time available for its completion. C.     Anything that can go wrong will go wrong. D.     Never attribute to malice that which can be adequately explained by stupidity. Answer:  A - Pareto's Law says that 80% of the effects come from 20% of the causes. Vilfredo Pareto, an Italian Economist, observed in his country that twenty percent of the people owned eighty percent of the wealth. The poor were lucky then - today it's more like 10/85. Management thinker Joseph Juran (1904 - 2008!) was the one who actually came up with this concept as it applies to business and named it after Pareto. We’ll go through the other ones since they’re kind of fun to know: B, "Work expands so as to fill the time available f...

I came across a new project management term today called "Gold plating" in a CAPM Test question. Had never come across this term before so I looked up the definition. Gold plating  in software engineering or  Project Management  (or time management in general) refers to continuing to work on a project or task well past the point where the extra effort is worth the value it adds (if any). After having met the requirements, the developer works on further enhancing the product, thinking the customer would be delighted to see additional or more polished features, rather than what was asked for or expected. The customer might be disappointed in the results, and the extra effort by the developer might be futile. Gold plating is also considered as a bad project management practice for different project management best practices and methodologies such as: Project Management Body of Knowledge (PMBoK) and Prince 2. In this case, gold plating refe...

PMI is hosting a Virtual Professional Development Seminar tomorrow Wed, 18th September 2013 starting at 9:15 am EDT. Program runs from 9:15 am EDT to 5:30 pm EDT Participants may claim up to 6 PDUs for participation in this event. The link for joining the event is  http://vshow.on24.com/vshow/ iscop/lobby/5211