The 80/20 principle or Rule defines the secret to achieving more with less efforts.
Now the question is that it really work and if yes then how we implement this rule to bring results.
80/20 Rule and its History
The 80/20 principle also known as The Pareto Principle. The Pareto principle states that for many outcomes, roughly 80% of consequences come from 20% of causes. Other names for this principle are the 80/20 rule, the law of the vital few, or the principle of factor sparsity.
Management consultant Joseph M. Juran developed the concept in the context of quality control, and improvement, naming it after Italian economist Vilfredo Pareto, who noted the 80/20 connection while at the University of Lausanne in 1896. In his first work, Pareto showed that approximately 80% of the land in Italy was owned by 20% of the population.
The 80/20 principle Book
This principle is so famous that a famous author Richard Koch wrote a book name The 80/20 principle. Although the 80/20 principle has long influenced today's business world, author Richard Koch reveals how the principle works and shows how we can use it in a systematic and practical way to vastly increase our effectiveness, and improve our careers and our companies.
Purpose of 80/20 Principle
The 80/20 Principle asserts that a minority of causes, inputs, or effort usually lead to a majority of the results, outputs, or rewards. Taken literally, for example, 80 percent of what you achieve in your job comes from 20 percent of the time spent.
The Pareto Principle is a concept that suggests two out of ten items, on any general to-do list, will turn out to be worth more than the other eight items put together.
The sad fact is that most people procrastinate on the top 10 or 20 percent of items that are the most valuable and important, the “vital few,” and busy themselves instead with the least important 80 percent, the “trivial many,” that contribute very little to their success.
How we can use this principle
Here’s what you should do in order to effectively apply the 80/20 rule to setting SMART goals which will boost your overall productivity.
First, take a piece of paper and write down ten goals. Then ask yourself: If you could only accomplish one of the goals on that list today, which one goal would have the greatest positive impact on your life?
Then pick the second most important goal. What you’ll find is, after you complete this exercise, you will have determined the most important 20 percent of your goals that will help you more than anything else.
You should continue to work at those goals that you’ve chosen as the most valuable all the time.
I hope you learn something new.
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