Pareto Time Management Principle
The Pareto Principle, or what is better known as the 80/20 Rule, was first considered in 1896 by Italian economist, Vilfredo Pareto during his time at the University of Lausanne. Briefly stated, the 80/20 rule states that only a minority of effort, inputs, and causes lead to the majority of results, outputs, and rewards intended by a specific person. In other words, 80 percent of what you achieve in your life comes from just 20 percent of the activities that you spend your time, effort, and energy on. Therefore, for all practical purposes, for 80 percent of the time, the effort and energy you spend on a specific undertaking aren’t important in accomplishing your objectives.
The question then becomes, wouldn’t it be great if you could focus your time, effort, and energy on the 20 percent of the activities that will bring you the 80 percent of the results, rewards,
and outputs you desire?
80/20 Rule asserts that there is an inherent imbalance between:
- • Causes and effects
- • Inputs and outputs
- • Efforts and rewards
80 percent of the tasks that you have to complete during the day can be achieved by using 20 percent of the time. This means that 20 percent of the activities that you do throughout the day are responsible for 80 percent of the results; which also means that 20 percent of your customers are responsible for 80 percent of the sales, and 20 percent of your goods or services are responsible for 80 percent of your business profits.