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| Vilfredo Pareto (1848–1923) |
The Pareto Principle is based on the observation of Italian economist Vilfredo Pareto that many things in life are not distributed evenly; there is an 80/20 principle.
Pareto observed in Italy that 20% of the population owned 80% of the land. Mr. Pareto further went on to realize that 20% of the pea pods in his garden provided (the majority) 80% (the income) in peas.
This can be further interpreted to mean:
- 20% of the clothes in your closet are worn 80% of the time.
- 20% of your sales superstars generate 80% of your revenue.
- 20% of the customers create 80% of the profit.
- 20% of the key invested input creates 80% of the output results.
- 20% of your actions can eliminate 80% of your costs.
- 20% of the service issues, there-about, create 80% of complaints.
- 20% of the source features cover 80% of the usage.
- 20% of your stock takes up 80% of your warehouse space.
- 20% of your suppliers provide 80% of your stock.
- 20% of the people that you know generate 80% of the phone calls you receive.
- 20% of problems can eat-up or lock-down 80% of your precious time.
- 20% of important things, will produce, 80% of the best profits.
- 20% of a book, gives us, the needed 80% of key points.
- 20% of the causes have 80% consequences.
- 20% of criminals create 80% of the crimes.
- 20% cuts, can eliminate, 80% of the problems.
- 20% of roads traveled have 80% of the traffic.
- 20% of roads have 80% of car crashes.
- 20% of sources will give 80% of desired outcomes.
- 20% of your activities can give 80% of your successes.
- 20% of your best priorities produces 80% best results.
- By focusing on the productive 20% first, you can achieve 80% gains.
- 80% of the results bubble-up from 20% of the great ideas.
- Focus on the 20% of activities that generate and account for 80% more rewards.
- The distribution of Quality, Time & Money losses can be increased easily to 80% when attention is not given to the 20% vital few.
With this, you are well on your way,
~ @ a 21st Century Vision.
© It's time... Jamaica!
THE 80/20 PRINCIPLE | Why Less is More?
