20 rule - T he 80/20 rule or what i t’s called Pareto’s...

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Unformatted text preview: T he 80/20 rule or what i t’s called Pareto’s principle. Vilfredo Pareto, an I talian economist who came up with this rule in 1906. Before I start I would l ike to say that maybe you see this thing a li t t le strange, but we agreed as g roup that we need to come up with something new to you all, Instead of ordinary things that we already know. Anyway, this tool is a very effective tool to help you manage your t ime effectively. The main idea of the 80/20 rule a t Pareto’s t ime was that the 20% of the people owned 80% of the wealth. T his has improved today to include everything in your life. The same p rinciple. For example, the top 2000 companies in the world have 80 million employees; those employees have 400 million dependants. So the employees of t hese companies have a direct in fluence over the lives of 400 million people. A nother example, 80% of a company’s profit came from 20% of its customers. 20% of the defects cause 80% of the problems. Now, the important question, how is this principle has to do with you? Maybe not now, but when we go to t he university, we’ll reach a level where we realize that we can’t do everything t hat we are supposed to do. For example, a lot of assignments, projects, reading assignments, your family, maybe a serious problem with your friend. So technically, if you calculate it, you definitely will not be able to do all of t his. So here it comes with the 80/20 rule. What are the 20% percent of all t hese things to do that will give you 80% results. Decide them, and then give t hem 80% percent of your effort This was a very brief point about the 80/20 r ule. ...
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This note was uploaded on 09/23/2011 for the course ESL 100 taught by Professor Esl during the Spring '10 term at University of Texas at Austin.

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20 rule - T he 80/20 rule or what i t’s called Pareto’s...

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