{"id":42730,"date":"2015-08-26T21:19:15","date_gmt":"2015-08-26T15:49:15","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=42730"},"modified":"2024-04-03T13:23:28","modified_gmt":"2024-04-03T07:53:28","slug":"the-80-20-rule-how-paretos-principle-helps-in-management","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/the-80-20-rule-how-paretos-principle-helps-in-management\/","title":{"rendered":"The 80-20 Rule- How Pareto’s principle helps in management"},"content":{"rendered":"

\"The<\/a><\/p>\n

Have you ever noticed that majority college students (at least in my course) start studying 20-30 days before the semester exams rather than studying for the whole semester? Or the fact that before being banned, Maggie held a 90% share in the Indian noodle market. Now, think of these situations from a more generalized perspective. Yes, the concept is as interesting as the name itself.<\/p>\n

The 80-20 Rule, also known as Pareto\u2019s Law, The Principle of Least Effort or The Principle of the Vital Few, states that 80% of the output is obtained from 20% of the input. This proportion may not be exact in every situation but the overall deviation would generally remain close to the 80:20 ratio.<\/p>\n

This principle was discovered and explained mathematically by Vilfredo Pareto, an Italian economist and sociologist during a study of unequal wealth distribution in Italy. In the 1940s, Dr. Joseph M. Juran, attributed the 80\/20 Rule to Pareto and called it Pareto’s Principle.<\/p>\n

It is generally applied in the fields of career change\/business start ups, planning, decision making, selling, marketing, project management, leadership, change management and personal change.<\/p>\n

The main advantage of this rule is that organizations have now understood that the easiest way to maximize their profits is by focusing their attention on 20% of the most necessary tasks\/products\/services, etc. It leads to the conservation of resources, efforts and time. But at the same time it is important that managers apply this law wisely and with precaution. In a situation where focusing 80% attention on the best 20% would lead to less benefit as compared to focusing the same attention on the less productive 80% so that it leads to greater profits, the latter must be preferred.<\/p>\n

Therefore, I would end by saying that Management is a situation oriented science and the judicious use of such laws can create a better world.<\/p>\n

Click here for government certification in Management<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Have you ever noticed that majority college students (at least in my course) start studying 20-30 days before the semester exams rather than studying for the whole semester? Or the fact that before being banned, Maggie held a 90% share in the Indian noodle market. Now, think of these situations from a more generalized perspective….<\/p>\n","protected":false},"author":1347,"featured_media":42880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1533],"tags":[6238,6237,6239],"class_list":["post-42730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-2","tag-80-20-rule","tag-paretos-principle","tag-vilfredo-pareto"],"acf":[],"yoast_head":"\nThe 80-20 Rule- How Pareto's principle helps in management - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What does the Pareto's principle say? 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