80/20 Principle Flashcards
How can you apply the 80/20 principle to your work?
redirect your efforts away from tasks that only have a small impact on your results.
80/20 time management or “time revolution” helps you to first identify the 20 percent of your tasks that produce 80 percent of the achievement, and then focus on them.
start by examining and analyzing your work processes to find out which parts of them are inefficient.
You might find that, for example, in the first phases of a project, you waste time by over-thinking and mulling over every possible mistake you could make.
Realize this and you can consciously try to stop yourself ruminating on possible failures.
What is the way of applying 80/20 principle to businesses
Simplify the business to focus on a few products that bring bulk of the sales.
How to apply the 80/20 principle without solid data?
An example, is relationships. You can ask yourself - Of the people in my life, who are the most important to me? How much quality time do I spend with them each week?”
This kind of question will help you understand which are your most important relationships.
How can the 80/20 principle be applied to life in general?
Ask yourself, which 20 percent of your life provides you with 80 percent of your happiness and vice versa?
Just think about what 20 percent of activities in your life produce 80 percent of your happiness, and try to find ways to spend more time engaged in them. You will have a happier life if you do
What is the summary of the 80/20 principle?
The 80/20 principle says that in almost any area, 20 percent of the input or effort produces 80 percent of the output or reward. This means that almost 80 percent of efforts are not spent efficiently, and if you refocus them on the 20 percent that is producing the most results, you’ll see a tremendous boost in efficiency. This simple concept can be applied to any sphere of life, ranging from your business to your friends and quality of life.
