Pareto Principle: 80/20 Rule For Productivity — To Maximize Results.
80% of the effects come from 20% of the causes.” — Pareto principle
The Pareto Principle is one of the most helpful concepts for life and time management.
Also known as the 80/20 Rule, this rule suggests that 20 percent of your activities will account for 80 percent of your results.
This being the case, you should change the way you set goals forever.
If you’ve studied business or economics, you’re well familiar with the power of the Pareto Principle.
-The Man Behind The Concept
Vilfredo Federico Damaso Pareto was born in Italy in 1848. He would go on to become an important Civil Engineer, Philosopher and Economist. Legend has it that one day he noticed that 20% of the pea plants in his garden generated 80% of the healthy pea pods. This observation caused him to think about uneven distribution. He thought about wealth and discovered that 80% of the land in Italy was owned by just 20% of the population. He investigated different industries and found that 80% of production typically came from just 20% of the companies. The generalization became:
80% of results will come from just 20% work.
In the 1940s, Dr. Joseph Juran, prominent in the field of operations management, applied the 80-20 rule to quality control for business production. He demonstrated that 80% of product defects were caused by 20% of the problems in production methods. By focusing on and reducing the 20% of production problems, a business could increase its overall quality. Juran coined this phenomenon "the vital few and the trivial many."
-Practical examples of the Pareto principle would be:
• 80 % of your sales come from 20 % of your clients.
• 80% of your profits comes from 20 % of your products or services.
• 80 % of decisions in a meeting are made in 20 % of the time.
• Fixing the top 20 % of the most reported bugs also eliminates 80 % of related errors and crashes.
• You wear 20 % of your clothes 80 % of the time and so on
The Pareto principle also has an important place in time management.
CONCLUSION.
Ask yourself the following questions to maximize productivity using Pareto Principle.
• Which sources comprise the top 20% of traffic to my blog?
• Who are the top 20% of my audience that I wish to reach?
• What 20 % of your tasks will really help you get promoted?
• With what 20 % of your tasks are you really helping your organization to grow?
• With what behaviors that you rarely engage in (less than 20 % of time) are you destroying 80 % of your chances for success? Are you being too argumentative? A bad team worker?, Late to work, etc.?
• Which one or two activities are responsible for 80 % of your time wasted?
Hi My name is Louis Lobo, I’m a Commercial Pilot and Theoretical Instructor, be sure to check out and follow me on instagram, @capt.siuol