Would you believe me, if I tell you, that out of all the work we do only 20 percent is enough to yield 80 percent of the result! We are living in a world, which has now become a global village. Due to this, our workload has increased considerably. Hence, our schedules have become hectic. One of our major complaints is lack of time. This has lead to problems like stress level and depression. But, do you know that only a small portion of the work we do is important!
The Pareto principle, or 80-20 rule, as it is commonly referred to, was developed by Vilfredo Pareto. He was a famous economist of Italian origin. While conducting his research about distribution of wealth, he came to an appalling conclusion. He concluded that 20 percent of the people owned a large amount (about 80 percent) of the land. The rest of the land was owned by the rest 80 percent. There was unequal distribution of wealth.
This study was later used in the field of management. The corollary is that, only a small portion of the tasks we do are significant and are responsible for 80 percent of your results. Based on this conclusion, you need to find those critical areas and concentrate on them. This would enable you to get enormously high results, with fewer things to worry about.
1. Make a list of all the duties
You can start implementing this principle in your daily routine by simply listing out all the tasks that you normally perform. These are some of the tasks that Amy used to perform - prepare breakfast, do cleaning, run errands, drop kids to the school, work at the office, answer mails, spend time with family, drive and go to the bank. You ought to be performing most of them too. Listing out your tasks would help you to remember them easily.
Amy has hired a cook and a maid to take care of cooking, washing etc. She has availed the bus facility to pick and drop her kids. She has also hired a chauffeur. In this manner, she is able to read newspaper, make urgent calls, answer emails, etc, while she is travelling. Using the net banking facility , she can access her account from home. By doing so, she is able to save her time. This has reduced her burden. Now she needs to concentrate on two tasks, i.e. work at her office and spend time with her family. You can think of such alternatives. This would enable you to concentrate on more important task.
2. Keep a track of your time
Monitor the time that you would usually take to complete your tasks. In factories, managers make use of time study to distinguish between productive and unproductive time. This analysis measures the total time a worker takes to complete a particular job, you can further classify the time taken, into productive time, which yields results, and unproductive time that includes transit time, breaks, etc. The manager monitors the workers and evaluates the time they ideally...