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Importance of time management skills and the implementation of pareto principle
The 80/20 Rule of Time Management There is an important principle known as 80/20 rule or the pareto principle. The idea was formulated by the Italian economist and sociologist Vilfredo Federico Pareto. The principle states that, for many events, roughly 80 % of the effects come from 20 % of the causes. It’s an uneven distribution that can be found in countless life and business situations. Practical examples of the Pareto principle would be: 80 % of your sales come from 20 % of your clients. 80% of your profits comes from 20 % of your products or services. 80 % of decisions in a meeting are made in 20 % of the time. Fixing the top 20 % of the most reported bugs also eliminates 80 % of related errors and crashes. You wear 20 % of your clothes 80 % of the time and so on. The Pareto principle in time management states that 80 % of results will come from 20 % of your effort. Consequently, being aware of the Pareto principle can mainly help us set the right priorities....
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