Tuesday, September 30, 2014

The Pareto Principle - 80/20 Principle of the Trivial Many and Vital Few

This vital principle is named after Vilfredo Pareto and Italian economist who in 1906 published his findings that 80% of the land in Italy was owned by 20% of the people.

Based on this principle, a quality management expert Joseph M. Juran conducted more studies and specifically pinned down the findings as the 80/20 principle i.e. the trivial many and the vital few.

 The principle is simple - 20% of whatever you are working at is responsible for 80% of your results.

To apply this rule we must know what our 100% is.
1)  Write down all the tasks (100%) you do.
2) Categorise them into the 80 (trivial many) and 20 (vital few) based on their importance / desired result for you.
3) Focus 80% of your time on the vital few or the vital 20% and work on them on absolute priority basis
4) The vital 20% will bring in 80% results for you.

It will need a bit of analysis but once you have zeroed down, you can fine tune your activity better.

Do the right things first, leave out the trivial ones, and get great results. Try it!

For more info read this article

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