Master Time Management with 80/20 Rule, Pareto Principle

0
725
sand-time-for-time-management
Credit: Pixabay

MJ Gonzales │ExecutiveChronicles.com

Time Management is so essential that everywhere there are many tips in how to properly practice it fast and easy.  Undervaluing time for executives and businessmen is equivalent to wasting great opportunities in the end. So how will you balance your time if you have tons of work to do? According to Pareto Principle or the Law of the Vital Few, you should concentrate only on 20% of all you should do for your job.

In About.com’s account,   there were two notable people who suggested this principle and the first was   Italian economist Vilfredo Pareto.  Pareto formulated this idea to illustrate the economy in Italy around 1906, where the 80 percent of country’s lucrative assets were owned by its 20% population.   In 1940, Dr. Joseph M. Juran, popular in the field of quality management, adapted the idea and he’s the one who named it, Pareto’s Principle.

“The 80/20 Rule means that in anything a few (20 percent) are vital and many (80 percent) are trivial. In Pareto’s case it meant 20 percent of the people owned 80 percent of the wealth. In Juran’s initial work he identified 20 percent of the defects causing 80 percent of the problems,” management.about.com’s elaborated. “Project Managers know that 20 percent of the work (the first 10 percent and the last 10 percent) consume 80 percent of your time and resources.”

The site also pointed out that this rule is applicable for almost everything and reminds that in management, you should be wise in how you allot your time and energy.

Meanwhile,  in Time Management Success of Tim Wilson detailed how you do the 80/20 Rule. First, Wilson suggested to identify your desired result and list things you need to do attain it.  Of all the items in your list, act on important ones.

“When you’re actually working on something directly related to your work, you’re on task. Your entire to-do list is the 20% that produces 80% or more of results,” Wilson shared.” If something is on your to-do list, you put it there for a reason. We don’t often write down emotionally charged responses — lists are rooted in rational thinking.”

On the other note, what also  Pareto Principle implies in time management we should be wise not to be lurked by non-productive and irrelevant activities. Furthermore, you don’t need to do everything but instead you can focus on things you specialize and you can delegate the other stuff to other. For example, if you can hire an assistant to answer phone calls and emails for you then do it.   To read daily dose of random messages may eat an hour or two of your precious time, which you can use to close deals with big time clients.