The Pareto principle is the term for a phenomenon from the statistics. By using this principle we get maximum output from minimum input. At this point 80-20 rule implies that 80% of the results are achieved with 20% of the total effort and the remaining 20% of the results thus require most of the work. The Italian economist Vilfredo Pareto researched and finds that In Italy 80% of the land was owned by about 20% of the population he also found that over 82% of world wealth was owned by only about 20% of the population.
From his statics and finding the Pareto Principle was established and relevant still today. Some examples are 20% of customers provide 80% of the profit, 80% of the time you talk to only 20% of the people, 20% of fishermen catch 80% of the fish, 20% of the offenders are responsible for 80% of the offences, 80% of the time you only wear a selection of 20% of all your clothes in the wardrobe, 80% of your phone is consumed by 20% of Apps.
The Pareto principle is an amazing tool in management to achieve efficiency whether as a manager, team leader, employee or as an assistant. Applying this principle in your life is strong enough to change your life drastically. It is possible to achieve an excellent result with very little effort. 20% of your work will give you 80% of the results on the other side rest of what we do is a “waste of time” because it contributes little to the final outcome. Following are the efficient methods to apply the Pareto Principle to your life.
Identify your target:
The art of the Pareto principle is to first identify the insignificant things consuming your time and energy. Once you identify and block them the next step is to find your areas of expertise and find things worth spending your time. Prioritize your target and spend more time and effort will deliver a great result. Vital few things previously ignored is now come to your attention.
Delegation is the process of assigning responsibilities to another person. Consider your goal is huge which means you had a lot of workloads. Doing all that alone is not a good idea, instead of that outsource it to someone accountable. The process of outsourcing is extremely benefited to you because you get more time to concentrate on your area of expertise and significant things.
Suppose if you are facing inexperience or having weakness in a certain area don’t hesitate to hire someone who is experienced in that. Practising delegation always improves productivity and overall results. The Pareto principle helps to delegate inferior tasks. In addition, this principle helps to survive well without time shortages and tasks were carried out efficiently and planned.
The rule of focus is 1/99 which means if you are focusing one particular thing, there may be many external factors to deviate your concentration in this scenario you must learn to say no to all other things. The point is you should focus your effort on the 20 per cent which really counts.