Which project management technique uses statistical analysis to identify the most important factors in a project?

Understand the Problem

The question is asking about a specific project management technique that involves statistical analysis to determine the key factors affecting a project. It requires knowledge of different project management methodologies.

More Information

Pareto Analysis is a statistical technique used in decision-making. It is named after the Pareto Principle, or the 80/20 Rule, which suggests that 80% of consequences come from 20% of the causes. In project management, it's used to identify a limited number of tasks that have the most significant impact on achieving objectives.

Tips

A common mistake is confusing Pareto Analysis with other statistical techniques like Monte Carlo analysis or PERT, which are used for different purposes in project management.

Sources

• Pareto Analysis - projectmanagement.com
• [Solved] Which project management technique uses statistical analysis - studocu.com