What is the 80/20 Rule and could it actually make 80 percent of your work disappear?
If you’ve studied business or economics, you’re well familiar with the power of the Pareto Principle.
The Man Behind the Concept
Vilfredo Federico Damaso Pareto was born in Italy in 1848. He would go on to become an important philosopher and economist. Legend has it that one day he noticed that 20 percent of the pea plants in his garden generated 80 percent of the healthy peapods. This observation caused him to think about uneven distribution. He thought about wealth and discovered that 80 percent of the land in Italy was owned by just 20 percent of the population. He investigated different industries and found that 80 percent of production typically came from just 20 percent of the companies. The generalization became:
80 percent of results will come from just 20 percent of the action.
Pareto’s 80/20 Rule