The Pareto Principle also called the 80/20 rule, is named after Vilfredo Pareto, an Italian economist, and sociologist. Pareto made a pivotal observation in 1896 that in Italy, approximately 80% of the land was owned by 20% of the population.
In 1951, Joseph M. Juran recognized that The Pareto Principle could be applied to various fields, such as quality control, business, and time management.
I have used this principle many times and continue to use its core principles in my work. The two critical ideas are:
1.) Focus on the 20% of activities yield the most significant results. Define the key deliverables that constitute the bulk of the project. Prioritize these tasks to ensure the project achieves its main goals without being bogged down by less critical details.
2.) The first 80% of a project can be completed easily and efficiently, while the final 20% requires disproportionate time and resources to perfect. Break the project into phases with milestones that mark the 80% completion point.
Get the project to 80% completion strategy scenario:
Imagine you’re developing a new software application. The core features that users need the most can be completed and functional at the 80% mark. These include user registration, basic functionality, and primary user interface elements. The remaining 20% might involve optimizing the interface, adding additional but non-essential features, and refining performance.
You launch the product, gain users, and receive feedback by focusing on completing the first 80%. This feedback then guides the final 20% of development, ensuring that your additional efforts are directed toward real user needs rather than assumed requirements.
The 80% project completion strategy is about efficiency, delivering core value early, and using iterative improvements to enhance the project based on actual needs and feedback. This approach helps us manage resources effectively and avoid the diminishing returns of striving for perfection, increasing our productivity and success.
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