What’s the 20/80 Pareto Principle all about?
This principle is named for Italian economist Vilfredo Pareto, who noted that 80% of the land in Italy was owned by 20% of the population.
However, the Pareto Principle applies to many other areas of life. If you look across the industry, business, wealth distribution, and many other areas, you will see that this will hold to be generally true.
In economics, the 80–20 rule (also known as the Pareto principle) states that, for many events, roughly 80% of the effects come from 20% of the causes.
For example, 20% of customers may result in 80% of complaints, 20% of specific IT faults or glitches could take up to 80% of your time if it is not addressed as quickly as possible.
And finally, what may be the most important factor to consider – 20% of clients could also represent an astounding 80% effect on your business revenue if you neglect them too long.
#productivity #business #revenue
The Pareto Principle can be applied to time management, too. Therefore, if you have a long list of tasks on your plate, it’s likely that the top 2 or 3 will produce 80% of the desired output.
The take-home message for time management is to focus on crucial tasks that generate big results. So before you start, you need to identify these critical tasks.
#timemanagement #tasks #effectivity
Once you identify the key tasks, focus your time on them. This is because focusing on these tasks puts you on the right side of the 80/20 rule.
#focus #focussing #2080rule
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