The 80/20 Rule is one of the most helpful of all concepts of time and life management. It is also called the "Pareto Principle" after its founder, the Italian economist Vilfredo Pareto, who first wrote about it in 1895. Pareto noticed that people in his society seemed to divide naturally into what he called the "vital few", the top 20 percent in terms of money, influence opinion and success, and the "trivial many", were in the bottom 80 percent.
He later discovered that virtually all economic activity was subject to this principle as well. For example, this principle says that 20 percent of your activities will account for 80 percent of your results, 20 percent of your customers will account for 80 percent of your sales, 20 percent of your products or services will account for 80 percent of your profits, 20 percent of your tasks will account for 80 percent of the value of what you do, and so on. This means that if you have a list of ten items to do, two of those items will turn out to be worth five or ten times or more than the other eight items put together.
Each of the ten tasks may take the same amount of time to accomplish. But one or two of those tasks will contribute five or ten times the value of any of the others. Often, one item on a list of ten tasks that you have to do can be worth more than all the other nine items put together.
Interesting insight, isnt it? Apply it the best you can in your work day today.
- Author Unknown
He later discovered that virtually all economic activity was subject to this principle as well. For example, this principle says that 20 percent of your activities will account for 80 percent of your results, 20 percent of your customers will account for 80 percent of your sales, 20 percent of your products or services will account for 80 percent of your profits, 20 percent of your tasks will account for 80 percent of the value of what you do, and so on. This means that if you have a list of ten items to do, two of those items will turn out to be worth five or ten times or more than the other eight items put together.
Each of the ten tasks may take the same amount of time to accomplish. But one or two of those tasks will contribute five or ten times the value of any of the others. Often, one item on a list of ten tasks that you have to do can be worth more than all the other nine items put together.
Interesting insight, isnt it? Apply it the best you can in your work day today.
- Author Unknown
