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Though a lot of research work is done with Pareto distribution as a basic model, inspired by the contents and some remarks in chapter 20 of Johnson etal (2004). The Pareto distribution called P (IV) model is selected for the purpose of our research investigation. Pareto distribution in its various forms is a model, finding applications in economics related random phenomena. A little attention is paid earlier in reliability and quality control applications. We found that the following aspects need further investigation on P(IV) model: i) Estimation of parameters from complete and censored samples using maximum likelihood, Modified maximum likelihood and Quantile Methods. ii) Estimation of parameters in Length Biased, Modified versions. iii) Development of it as a software reliability growth model through the use of Non Homogeneous Poisson Process. iv) Construction of acceptance sampling plans and the associated performance measures based on life tests with test data modeled by P (IV) type distribution. The research findings out of the study on the above aspects are included in this book, is useful for budding scholars and quality control practitioners.