THE 80-20 RULE (PRIORITIZING TASK)


Prioritization is the essential skill to make the very best use of your own efforts and to get organized. It gives you control over your work responsibilities.

It is particularly important when time is restricted and demands are seemingly unlimited.

It helps you to allocate some time where it's most needed and most wisely spent, freeing you up from less important tasks which will  be attended to later or dropped.

Techniques for setting priorities


↣ There are several ways to set priorities. You need to keep in mind following when prioritizing Deadlines, Importance, and Impact.

ABC Analysis

↣ The ABC analysis allows you to prioritize your tasks into three different categories:

  • A - Tasks that are urgent and important, 
  • B - Tasks that are important but not urgent 
  • C - Tasks that are neither urgent nor important. 
↣ABC analysis is frequently combined with Pareto analysis.


Pareto analysis(also known as 80/20 rule)


↣ Pareto noticed that people in his society appeared to divide naturally into what he called the “vital few,” the highest 20 percent in terms of cash and influence, and the “trivial many,” the bottom 80 percent.

↣ In 1906, Italian economist Pareto created a mathematical formula to explain the unequal distribution of wealth in his country, observing that one-fifth of the people owned eighty percent of the wealth.

↣ This is the idea that 80% of tasks can be completed in 20% of disposable time. The remaining 20% of tasks will take up 80% of the time. This principle is employed to sort tasks into two parts.

↣ 80% of the benefit can be achieved by 20% of the effort, and consequently, the last 20% of the benefit is achieved with 80% of the effort. 

↣ If we need our quality rating to be 100%, which is going to have a high demand for resources to eke our way from 80% to 100%. But if a top-quality score of 80% is sufficient, that away much smaller hill to climb.

 ↣ This principle has proved to be very effective in predicting statistical events at economic and social levels.

  

    what is the 80-20 rule


↣ The worth of the Pareto The principle for a manager is that it reminds you to specialize in the 20 percent that matters. Of the items you are doing your day, only 20 percent really matter. Those 20 percent produce 80 percent of your results. Identify and focus on those things 

 ↣ The 80/20 Principle, should serve as a daily reminder to focus 80 percent of some time and energy on 20 percent of your work that's really important. Don’t just “work smart”, work smart on the proper things. 

80 20(Pareto) rule example    


  • 20% of the input creates 80% of the result
  • 20% of the workers produce 80% of the result
  • 20% of the purchases create 80% of the revenue
  • 20% of the bugs cause 80% of the crashes
  • 20% of the features cause 80% of the usage

 How to Really Use the 80/20 Rule


 · 1. Pick an area of your life where you feel there is an imbalance of effects. This won’t be true of all areas, but many situations are out of balance (money, time, health and possibly even relationships) 
   
   2. Try to identify the key 10, 20 or 40 percent of inputs that are creating most of your results. This could be 10% of the time that creates the most returns. It could be 40% of relationships that create the most happiness for you.

   3. Find ways to emphasize the key percentage. Spend more time in those activities. Place them first in your schedule. Meet up with your key friends more often. Invest more of your money within the best expenses. 

   4. Find ways to downplay or eliminate the rest. Get rid of activities that don’t have a high payoff. Stop spending time in relationships that don’t create enough value. Stop wasting money on investments that aren’t giving you a greater quality of life.


80-20 rule in time management


↣ The current use of your time isn't rational. There is, therefore, no point in seeking marginal improvements in how we spend our time. 

↣ We'd like to travel back to the drafting board and overturn all our assumptions about time.

↣ There is no shortage of time. In fact, we are positively awash with it. We only observe use 20 percent of our time. And for the most talented individuals, it's often tiny amounts of your time that make all the difference. 


↣ The 80/20 A principle says that if we doubled our time on the highest 20 percent of activities, we could work a two-day week and achieve 60 percent more than now. This is light years away from the frenetic world of time management.

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