Tag: 80/20

There’s a fascinating concept in economics called "Pareto’s Law," or the "80/20 Rule." In a nutshell, a 19th century economist, Vilfredo Pareto, noticed that 20% of the people owned 80% of the land, and similarly that 20% of his peapods produced 80% of his peas. Much later, Joe Juran, looking to improve factory production during WWII, realized that 20% of the factories were responsible for 80% of all defective parts, and vice-versa: thus the beginning of the quality movement in U.S. business.

What could the "80/20 Rule" possibly have to do with you? Simply put, most of us spend 80% of our time on things that really don’t matter all that much to us, and only 20% of our time on the things that really matter. Huh...