Prioritization with the Pareto Principle – the 80-20 Rule
Deciding what is important can be bewildering when you have too much choice. You need to prioritize. And a simple tool is the 80-20 Rule – properly known as the Pareto Principle.
Watching this video is worth 2 Management Courses CPD Points*.
(See below for more details)
This video is part of course module number 1.6.2
Program 1: Managing Yourself
Course 6: Personal Productivity
Section 2: Time Management
Relevant videos in the same section as this video include:
– The Power of Habits: Productivity through Effective Working
– Organization: How to Enhance Your Productivity by Being Organized
– Overcome Overwhelm: Dealing with the Feeling of Being Overwhelmed
– Monkey Management: How to Deal with a Monkey on Your Back
– Goal Setting: The Start of Your Time Management
– Time Management with The OATS Principle
– To Do List and 7 Other Lists You Should Use Instead
– Prioritization: Understand Urgent & Important
Too many options make deciding difficult. We suffer FOMO – Fear of Missing Out.
A big part of your success won’t come from what you do, but from what you put aside. If you try to do everything, you won’t do anything well.
The key concept is ‘importance’. Do the work that is important. Take a look at the video on Goal-setting https://youtu.be/xgQk_Ozu2V4
Italian economist. In 1896, he discovered that 80 percent of Italy’s wealth belonged to 20 percent of its citizens. This 80/20 power law now bears his name.
Most of the world’s river water flows through a few great rivers, and most of its population lives in the few largest nations.
So, most of the value your work can deliver will come from working on the few most valuable things. I call the difficulty figuring out which things to focus on the ‘Pareto Problem’.
At the start of the Pareto Chart, doing one thing makes a big difference. Near the top right, each new thing you d, makes a marginal improvement at best. You must do a lot to get a little.
A good example of the Pareto Problem is the long list of good ideas on your To Do List.
You may have loads of ideas for projects. They may all be good ideas…
Look for the ones that have the biggest impact.
Pareto and MOSCOW
• Won’ts (would if could but won’t)
1. Look at all the ideas for projects in your notebooks and To Do lists. Apply a MOSCOW analysis to these ideas. (2 MC CPD Point)
2. Delete the Won’t items. Schedule the Must items. Keep the Should items under review. (2 MC CPD Points)
3. You may want to learn more on Barry Schwarz’s idea of The Paradox of Choice, https://geni.us/xRAd1Vs (4 MC CPD Points)
I’ll be as modest as I can. I’m something of an expert on effective working, personal productivity, & time management, with 4 best-selling books by 3 international publishers:
– The Time Management Pocketbook
– How to Manage Your Time
– Powerhouse: Turbo Boost Your Effectiveness and Start Making a Serious Impact
– The Yes/No Book: How to do less… and achieve more
And here are my picks from the thousands of other books on personal productivity, effective working, & time management:
– The 7 Habits of Highly Effective People
– The Power of Habit: Why we Do what we Do, and How to Change
– Essentialism: The Disciplined Pursuit of Less
– Eat that Frog! 21 Great Ways to Stop Procrastinating
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