Have you heard about 80/20 rule? – The Pareto Principle
The Pareto principle is also known as the 80/20 rule, which was identified by Italian economist Vilfredo Pareto in the late 90s. The Pareto principle states that 80% of the effects come from 20% of the causes. It is one of the most helpful concepts in life and time management. This principle can be applied to many areas of life, career and business. The key to following the 80/20 rule is to identify that roughly 20 per cent of your actions or most productive tasks lead to the most success. This can apply to any area of your professional and personal life.
Here are some examples of the Pareto principle;
- 20 percent of a company’s investments produce 80 percent of its investment profits.
- 80% of a company’s profits come from 20% of customers
- 80% of our productivity comes from 20% of our tasks
How this 80/20 rule helps you with workload?
Simply identify the top 20% of tasks that will yield 80% of the results and prioritize them. Here’s how you can get the benefit of it,
Create a list of all the tasks on your to-do list.
- Determine which 20% of tasks are most important and will generate the most significant results.
- Schedule time in your day to complete these high-priority tasks first.
- Delegate or eliminate any remaining tasks that are not in the top
- Use a time-tracking tool to monitor your progress and determine the effectiveness of your approach.
You may do many things but only a few define you. That’s your 20%. Your strength.
The basis of the Pareto principle states that 80% of results come from 20% of actions. If you have any kind of work that can be segmented into smaller portions, the Pareto principle can help you identify what part of that work is the most influential.