Time Management - Pareto’s Law

Pareto's law can find its roots in the year 1906 when 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. One of them was Dr. Joseph Juran who observed that it can be applied not only to any particular field of study but also in general.

Meaning
This 80-20 rule lays the emphasis on the lesser of anything. It says that the greater of anything is the least important. As his findings states that 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.

Detailed Analysis
The time and the task management ensure that the theory fit 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. According to which efforts must be directed to manage the 20% to achieve 80%.

Steps To Adopt the Theory
This law of time and energy management can be applied in day-to-day life also. The understated points have to be taken into account:

1) Avoiding Useless Tasks:
The most important part of management is to avoid tasks that take a toll on time and to concentrate on the most important activities.

2) Foresight:
While planning, the tasks must be selected diligently so as to ensure future returns. Today’s solutions have a 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 one works in this way over a period of time, the outcome will be beneficial.

Time management works with the  80-20 principle and in the long run ensures that efforts and time are consumed rightly if you work on the most important 20%.