Understanding Pareto's Principle: The 80/20 Rule in Everyday Life

hi this time i would like to tell you about the topic which is called pareto's

principle um not even the topic which will be the longest one to discuss

but something that from my perspective we use mostly in our not only business life but something

that we can call our everyday private life but it is principle that's a type of

rule which is called also 80 20. that's the type of rule in which it illustrates us on which areas of work

we should concentrate so once again the decision making process and here just giving you

the example how it looks like many times when you work in group on your project there is a

limited time you've spent already four hours working on something you have only 30 minutes

left and still few things are missing there is a key decision

how we are going to work some of the people from the group they will say let's continue to as much as possible

there is another group of people who would say like okay let's finish in here make the general

conclusions but we have to present in the end to the people who are going to listen to us

and who are going to make the final decision let's pan this last part of work just on preparing the

presentation why it is important in here and how we can illustrate it because in the end

when these people are going to present the results of their work and what they did

we can say that the biggest impact from the people who are going to listen to that is

just generated by what they can see on the presentation and what they can hear in there

well many times when the students are just making their presentations and they are presenting

what is done in there sometimes in the end of their lectures they almost finish the project they're

just selecting who's going to present it uh you and you have someone sitting in

there and just saying um sorry i cannot read it uh what was written in there

well this is exactly what part of principle is because if i don't know how hard you were

working the impact that i'm generating is based on this presentation eighty percent of

the impact that i have is based on twenty percent of the time that you could spend just on presenting

the presentation and that's exactly what you should do in here so

divide your work and think which twenty percent of the time generates eighty percent of the results

another example is if you're managing the shop you can spend eighty percent of the time on doing

every day basic things like checking every day in the morning if there's a proper amount of fresh bread appealing

to the shop etc etc that's important but it does not generate

the main long-term strategy and not influence on that because that is generated by

the plan of how you can build the marketing strategy how you can develop yourself

mostly we are super limited by time so you have to decide i will concentrate on that 20 that

matters because it generates 80 percent of the result what to do with the rest of

course it has to be done but you can delegate it to others what is delegation you can find it in other

materials but in here basing on that just remember with every work we have this 80 20 rule

of course it's not always precisely 80 20 but it tells you hello let's focus on

what gives you the biggest percent of the results we can also look on that from a

different perspective sometimes you might be surprised that there is a huge

part of work which generates like 10 percent of the project first 10 percent and the last 10 percent of the

project it consumes 80 percent of time why because it's building the team filling

all the documents paperwork collecting money applying for the money

that's first 10 percent last 10 percent writing all the reports summing up the word sending all the

documents this might consume majority of the time and here this pareto principle just

tells you be aware of that remember it might look like that

because our work is not always divided in the agenda precisely according to the time so

summing up pareto's principle which might be called differently 80 20 rule is just something that tells you

find and focus on the part of the work which generates

the biggest results or implies mostly on the results the rest find the rest delegate it to

the other people just to be sure that it's done but concentrate on the aspects which are

most important to you thank you