Thursday, 14 April 2011

The 80-20 Rule of Time Management

The 80-20 Principle was founded by Italian Economist Vilfredo Pareto, a little more than 100 years ago. What this principle tells us is that 20% of the quantity = 80% of the quality. What he is trying to say here is that everywhere, in every aspect, 20% of the amount attributes to 80% of the quality, and the rest 80% amount has a total value of just 20%. 

For example, 20% of the world's population has 80% of the world's wealth. 20% of the employees of any organization are responsible for 80% of the organization's success. 20% of a company's products generate 80% of the revenues. 20% of the kids in school bring 80% of its accolades and so on and so forth.
When you sit back and think about it, you will realize that this is a universal truth.

How does this apply to Time Management?

As per Pareto's principle, 20% of the tasks you do, account for 80% of your success.
Let me repeat for emphasis: 20% of the tasks you do, account for 80% of your success.
Therefore, if you can concentrate more on these 20% of your tasks and do them better, you will have a much greater chance of achieving what you desire. 
So how do you do that? Here are a few tips you can use:

First of all, its absolutely critical to recognize these 20% tasks that are of utmost importance. One very easy way to set your priorities right is by asking yourself one simple question:
If I were forced to leave town for a month tomorrow, what are the tasks I would make sure I do before I leave?
You answer to that shall help you set your priorities straight.

After you have recognized these important tasks, now you have to make sure you do them effectively.
Some people are night owls while other are morning larks. You know which part of your day is most productive for you. Ensure that you do these important tasks, as much as possible, at those times when you are functioning at your peak. Remember, these are the tasks that will determine your success rate, so they have to be done with utmost care and efficiency.

Try these methods out for a week, and see the results yourself.

You can read more about Pareto's Principle here:

No comments:

Post a Comment