The Pareto principle also is known as an 80/20 rule. The Pareto principle states that in any situation the 20 percent of activities are responsible for 80 percent of the result. In other words, 80 percent of output is produced by just 20 percent.
The rule can also get inverse that means 80 percent input produces only 20 percent.
We can conclude that this law is not universal it can be anything 70/30 or 90/10 etc.
The principle was explained by Vilfredo Pareto. One day In his garden he noticed that 20 percent of pea pot produced 80 percent of peas. This observation also let him discover that 20 percent of the land is owned by 80 percent of the population.
The principle is linked to our day to
day life in many ways.
For example, you wear your 20 percent of clothes 80 percent of the time.
Also in a book, 20 percent produce 80 percent of information
We can see this rule in all sectors mostly. This principle shows up again in almost all very field.
How the Pareto principle is linked to time management?
Time is the most valuable resource. Time does not stop for anyone. So it is very important to spend our time carefully and wisely. Every passing second is important.
There’s a difference between being busy and being productive. Most people think that working more hours will get more results. The truth is it’s not how much time you work matters. What matters is how well you have spent your time. So here comes the need of the Pareto principle. It can guide us to get more productive by doing less work.
It’s always that we have too much to do and so much little time. The research has shown that an average man has 300 hours of project and work to take care right now. These all work will also catch you up. This way you won’t able to do anything effectively.
The solution to this is you stop doing this all and apply the Pareto principle.
How does this work?
let’s understand, All the work you have in a day to complete out of this only 20 percent matters more. Rest 80 percent will be given only 20 percent results. So your top 20 percent is going to give you 80 percent results.
What you need to do is ask yourself that what the most important top 20 percent activities are. These things should be very crucial than all. You also need to ask yourself what the one thing that is the priority is. Do that thing because this matters.
At last what matter is selecting the most important task and sticking to it? This is what the Pareto principle teaches.
Related: Ways to become smarter every week
Listed below are some of the steps that can help you to get started.
List down all the activities that you need to do during the day. After that start numbering your activities based on priority.
To find the priority things ask you a few questions
What are the most important things I need to do first?
What two activities will give more results?
Also what activities will give potential results?
Which task will help you reach your goal?
After that, you rank the activities. Focus on the first two activities as these are going to give maximum result. You should know that these are the one where you need to denote maximum time. These activities are that 20 percent that is going to produce 80 percent output.
You need to stick to them avoiding all the distraction.
This principle can be applied in business as well as personal life.