Pareto Principle and Time Management
The Pareto Principle is an observation that was seen in our everyday world.
It was originally noticed in Italy where 80% of the money belonged to 20% of the population.
The Key Premise to this Principle is:
“Things in Life are not evenly distributed”
The point of the Pareto principle is to recognize that most things in life are not distributed evenly. It is good to make decisions on allocating time, resources and effort based on this principle will be the following:
* Instead of 1 hour on a design principle for a new design, spend 10 minutes on 6 ideas and pick the best idea.
* Instead of investing in the entire sector, invest in the top 20% of the market.
These techniques may or may not make sense – the point is to realize you have the option to focus on the important items.
Don’t think the Pareto Principle means only do 80% of the work needed.
It may be true that 80% of a house is built in the first 20% of the time, but you still need the rest of the house in order for it to be acceptable. It may only take 20% of the time to build the house, you still need the other 80% to finish it properly.
The Pareto Principle is an observation, not a law of nature.
When you are seeking top quality, you need all 100%.
When you are trying to optimize your output, focusing on the critical 20% is a time-saver.
See what activities generate the most results and give them your appropriate attention.