Pareto 

Vilfredo Pareto, an Italian economist, first discovered the 80/20 rule (Pareto principle) in 1906.

 

He noticed a strange thing about pea pods in his garden; 80% of them were produced by 20% of the pea pods.

 

Based on this implication, Pareto also concluded that 20% of the Italian population owned 80% of the land.

 

In 1941, management consultant Joseph M. Juran developed the concept in the context of quality control and improvement after reading the works of Italian sociologist and economist Vilfredo Pareto, who wrote in 1906 about the 80/20 connection while teaching at the University of Lausanne

 

It's important to identify the key factors that drive the desired outcomes to apply Pareto's law or the 80/20 rule.

 

This can be achieved through careful analysis and tracking of data. Once these factors are identified, efforts can be focused on improving or optimizing them to maximize results.

For example, a business may find that 80% of its sales come from 20% of its products and could focus on improving those products to boost sales further.

 

 

 

How can you apply the 80/20 rule in time management?

 

Steps to Create a Pareto Diagram (80/20 Rule Diagram)

 

1. Identify a list of problems. Ideally, the list is gathered through feedback from employees, clients, or customers. 
2. Identify the cause of each problem. Why did the problem occur? 
3. Score each problem. 
4. Group the problems together.

 

This principle can be a powerful tool for self management. Here are some tips on how to apply it:

• Identify the 20% of tasks that will deliver 80% of your desired outcomes.
• Identify active hours and try to remain focused when you are most productive.
• Time blocks important tasks.
• Look for ways to improve in key areas while building your expertise and authority.
• Regularly review and adjust your priorities based on what's working and what's not.

 

• Most importantly, try slowing down to focus on the highest-impact tasks.
• Eliminate distractions.