Hi, Folks!
If I start a new month with the continuation of the calculation we need to solve I think is a cool one. The part 1 released and the response from the reader leads to the continuation and inspiration to write part 2. If you have not laid your hands on part 1 check it out here
The Pareto Principle in the journey of life has solved so many challenges and situations that want to spoil project, business and many another thing by simple application of this theory. The separation between the vital few and trivial many can be achieved by Pareto Principle.
Look at this clearer scenario, there are upside and downside of Pareto Principle, this is been apply in a business and also if we analysis we have been taking in our journey of life we will draw out a conclusion that either shows us how to clear off or continue what we are doing.
PicsArt: Downside 80/20 Rule by samest
In a business, you discovered that the major revenue comes from a handful of important clients, if you go by Pareto Principle with is 80/20 rule it's reveal that you focus exclusively on serving this clients and again search for more that looks like them, or try to stop serving other clients that are not contributing which lead to the fact that those that are not contributing to the growth of the revenue carries the small portion and if you did not focus on them, they will gradually fade away and making much attention on the Important one increase your effectiveness and generate good returns.
If you have read my inversion article you will understand that 80/20 rule can be applied, just look at the sources of your problems. If it reveals to you that the majority of your complaints is from a handful of problem clients, Pareto Principle suggests the clearing out of your customer service requests backlog by firing these clients.
Knowing right area to apply pressure, get more result with less effort by samest
When you find precisely the right area to apply pressure, I tell you the effort you will use to get more result will be minimal. This is a great strategy.
Don't think Pareto Principle doesn't have a negative side which I call downside... Let's quickly check the downside because this is usually overlooked
Here, I will take you back to [Audrey Hepburn Story]. If in 1967, Hepburn is I. The prime of her career and wanted to decide how to spend her time, with the use of 80/20 rule as part of the decision-making process, the answer will be Do More romantic comedies.
The history revealed that between 1953 and 1963 she starred in four films (Sabrina, Breakfast at Tiffany's, Roman Holiday and Charade) and by the virtue of her status she was due for another one in 1967. All these movies do attract large audiences which usually end up with earning awards and make her more famous and to be honest with you romantic comedies were effective for Audrey Hepburn.
Now friends if we look at her desire to help children through UNICEF and apply Pareto Principle it will reveal to her that starting in more romantic comedies should be the best option, this will increase her earning power and she can donate the additional earnings to UNICEF.
What a perfect move if wanted to continue acting course but she change direction she didn't want to be an actress her mind is leading her to serve and in all of this she no reasonable analysis of the highest and best use of her time in 1967 which would have suggested that volunteering for UNICEF was the most effective use of her time.
The downside of the Pareto Principle declared:
A new path will never look like the most effective option in the beginning by samest
I will conclude here today and bring to you the concluding part in my next episode.
Thanks for reading and beginning your November by analying how you can make your time efficient.
Reference
Google via Express.co.uk: New Book Reveals Audrey Hepburn Secret Life
Betterexplained.com: Understanding The Pareto Principle Thebachelor8020 Rule
WIKIPEDIA Pareto Principle By Cydebot
WIKIPEDIA: Audrey Hepburn History Edited By Seven Pandas
Yours Sincerely,
Engr Samest