What Is the 80 20 Rule?
The 80 20 rule is used across the world in various applications. Not sure what the 80 20 rule is? Keep reading to find out.
Let’s look at a few examples of the 80 20 rule in the world. Here are some facts:
- 20% of worlds population control 80% of the world’s income
- You wear 20% of the clothes in your closet 80% of the time
- 20% of a businesses customers account for 80% of complaints
What all these facts have in common is they all use the Pareto principle. Another term for the 80 20 rule.
While not a universal law, exceptions can be made and one should also be critical.
How does the 80 20 rule help people? It is an effective tool to analyze your own life and be more productive. Here is another example: Say you have a daily to-do list with 10 things to do. What are the two most important things that will give the majority of your results? Spend 80% of your effort on these two things and the rest of the remaining 8 things to do. Even if don’t completes most of the tasks on your to-do list, at least you get important things out of the way.
Watch the video above for more!