Time Management - Pareto’s Law

Time management is an efficient tool of performing the tasks within a given time limit. In this context, Vilfredo Pareto found a law i.e., 80-20 law.

 

The origin of the 80/20 rule

 

The law finds its roots in the year 1906. Vilfredo Pareto was working on finding the explanation to the economic disparities in the world. His theory had many takers and backed by various experts of that era.

 

Meaning:

This 80-20 rule lays emphasis on the lesser of anything. It says that the greater portion of anything is usually the least important. As Pareto’s findings state, there is a small group (20%) who owns a major share (80%) of world’s wealth. As per the law, the most significant are less in quantity. And what is in ample amount is generally the least significant.

 

Detailed Analysis

The time and the task management ensure that this theory fits perfectly in any condition. The stress is on the need to manage the few. This significant part would ensure the attainment of the larger part. This could be well interpretive in the super star theory. According to which efforts must be directed to manage the 20% to achieve 80%.

 

Obviously, this is in overly intellectual speak, so in layman’s terms, if you concentrate most of your efforts on the 20% and spend less time on the 80% then the 20% will lead to the 80% getting taken care of.

 

Steps To Adopt the Theory

This law, as it pertains to time management, can be applied in day-to-day life. You do have to take these points into account though for it to work:

 

1: Avoiding Useless Tasks.

 

The most important part of time management is to avoid tasks that take up a lot of time with little to show for it. This is general chat on social media sites when you have a project with a deadline due, surfing the internet while supposedly typing up a proposal, etc.

 

2: Foresight.

 

While planning, the tasks must be selected diligently so as to ensure secure future returns. As today’s solutions have definite impact on tomorrow’s outcome.

 

3: Keep an Eye on Highly Valued Task.

 

The overall efforts must be streamlined in order to concentrate on the most important 20%. If you work in this way over a period of time, the outcome can’t help but become beneficial.

 

Time management works on this 80-20 principle. Maybe not exactly, but close enough that if you try to concentrate on the most important actions first, you will find that things are getting done and you are having more time in the day to work on the other 80%.

 

Keep an eye out for my next installment in this series when we discuss time and money.

 

The purpose of these blog posts is to help you strive to be more successful and to create a life worth living, so I never want to end a post without giving your some sort of “power question” to ponder over. Answering these questions will help you to take action.

 

Power Question for the day:

 

By now, you have at least one goal that you are working on for the new year, so in what way could you make this goal (or all of your goals for that matter) more specific or measurable?