The 80/20 Principle (a.k.a Pareto Principle)
The 80/20 Principle asserts that 80% of outcomes comes from 20% of all causes. The principle was named after Italian economist Vilfredo Pareto, who observed in the early 1900s that approximately 80% of the land in Italy was owned by 20% of the population. This principle can be applied in various contexts, including: Project management: 80% of a project's results come from 20% of the effort or resources. Time management: Focusing on the 20% of tasks that will have the most significant impact on achieving your goals. By prioritizing these tasks, you can maximize your productivity and achieve more with less time. Sales and marketing: 80% of revenue comes from 20% of customers. By identifying and focusing on the most profitable customers, businesses can optimize their sales and marketing strategies and improve their profitability. Team performance, 80% of the output is driven by 20% of employees. Bug fi...