Do you know what 80/20 rule is and how it works? Do you apply it on your workplace? Does it work?
I'm reading management and business books and I often read about this rule, that seems to be a known rule, but I can't actually understand how it works and if it is an effective way to behave.
Has someone got experienced about it?
This is the well-known Pareto rule. My experience as a manager generally matched the rule: 20% of the employees took most of my time, 20% of the code modules had most of the problems, ....)
I guess one can apply it everywhere not only in management. In case you are a student, 80% of questions or doubts being asked in a class is by a few students and in case you are working, you can understand that 80 % of sales revenue is being achieved by a few of outstanding employees.
I am a trader, even in my portfolio, 80% of profit earned is because of a few outstanding shares or instruments.
Talk about money, 80% of wealth is being distributed among a few outstanding rich people(maybe 20%).
SO in my opinion, this can be applied anywhere.
Recently I was reading about 80:20 rule, it was discovered by an Italian economist and sociologist more than hundred years ago and it has really interesting implication in our day to day life.
For example 80 percent of your time in using your smartphone is spent on 20 present of its applications and majority of apps in your phone got negligible amount of your time and attention.
At your house you almost use 20 percent of utensils and stuffs in day by day use and 80 percent rarely are used regularly
You read twenty percent of your books at your bookshelf and majority of them are ignored because of whatever reason. And …
This is very important rule in time management and also resource management!!!