The Pareto Rule Really Works
Richard Koch opened the doors of perception with his lucid and entertaining work "The Pareto Rule". Quite simply he dusted off the work of this long-forgotten Italian economist Vilfredo Pareto and applied it to modern business life. If applied consistently to all aspects of life - from the personal diary to the office to factories and automated systems - the Pareto rule promises and delivers a quality revolution.
The Pareto rule - also known as the 80/20 principle - famously shows that 80% of the outputs derive from 20% of the inputs. The economist Pareto came across this serendipitious discovery while researching land ownership in 18th century England and found - to his undoubted amazement - that it applied to all manner of causal relationships. Basically, 80% of the effort in any field of endeavour will yield only 20% of the results, and vice versa. This has two stunning conclusions. First, that the majority of things we do have little or no impact and can quite possibly be safely abandoned. Secondly, the 80/20 Principle teaches us that the few things that we do really well and add huge value should be maximised, stretched, expanded and developed.
This makes sense at both a logical and an intuitive level. If someone has a natural talent, then time they spend washing their socks or doing household chores - in fact anything that could be outsourced - is a waste of time. People should play to their strengths and identify skills that really are had to replicate and add value big time.
So how can people simply apply the Pareto rule to deliver sustainable and revolutionary results. Richard Koch's war-cry is clear - we need not time management, but a time revolution. This is not a case of fiddling about with new-fangled organisers or systems. It's not about better filing systems, endless Outlook folders or colour-coded folders. It's about re-evaluating what works and what doesn't. Start from first principles and identify what those critical few items are, that according to the scientifically proven law of the Pareto Principle, consistently deliver successful outputs. Now go forth and multiply them!
Tags: Pareto, richard koch, Pareto Principle, management of time, vilfredo pareto