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The 80-20 Rule in Business
The 80-20 rule has found applications in business management. For business sales, 20% of a company’s customers are responsible for 80% of the sales. Also, 20% of the employees are responsible for 80% of the results. For project management, many managers have noted the first 20% of the effort put in on a project yields 80% of the project’s results. Thus, the 80-20 rule can help managers and business owners focus 80% of their time on the 20% of the business yielding the greatest results.
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Introduction
The 80/20 principle (aka the Pareto principle) states that 80% of the results come to form 20% of the cause. A few things are important; most are not. He notices that a tiny number of pea pods in this garden produced the majority of the peas. At the time, Pareto was studying wealth in various nat...
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What’s the 80/20 Principle?
The 80/20 Principle says that the majority of your results or outputs will come from a minority of causes or inputs. The ratio may not always be exactly 80:20, i.e it could be more imbalanced at 90:10 or less imbalanced at 60:40. The key idea is- there’s typically a nonlinear relationship betwee...
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Why it matters today?
As humans we make assumptions, and one of those is that all causes have the same significance, more or less. We assume every bit of business, every product, every lead is as good as the next. While that’s a surprisingly democratic view of life, Koch calls it the ’50/50 fallacy’. He argues that pr...
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Inequality, Everywhere
Examples of the Pareto Principle exist in everything from real estate to income inequality to tech startups. In the 1950s, three percent of Guatemalans owned 70 percent of the land in Guatemala. In 2013, 8.4 percent of the world population controlled 83.3 percent of the world’s wealth. In 2015, o...
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The Power of Accumulative Advantage
The Amazon rainforest is one of the most diverse ecosystems on Earth. Scientists have cataloged approximately 16,000 different tree species in the Amazon. But despite this remarkable level of diversity, researchers have discovered that there are approximately 227 “hyper dominant” tree species tha...
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The 80/20 Rule
Another way to prioritize tasks is by using the 80/20 rule. This rule states that 20% of your work will account for 80% of your results.
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The Upside of the 80/20 Rule
The 80/20 Rule is like a form of judo for life and work. By finding precisely the right area to apply pressure, you can get more results with less effort.
Use the 80/20 Rule
... to constantly question yourself if your focus, time or money is on the things that generate the majority of the results.
The 80/20 rule, also known as the Pareto Principle states: 80% of the output or results will come from 20% of the input or action. The little things ...
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