https://www.youtube.com/watch?v=1s0zhqDFidc Today I'm doing a book review on The 80/20 Principle, The Secret to Achieving More With Less by Richard Koch. Some people call it the Pareto principle book or 80 20 rule book! I picked up this book on the advice of Tim Ferriss (the guy who wrote The...
Tag: 80 20 rule
The 80/20 rule, also known as the Pareto Principle, is a concept that suggests that a small portion of inputs or efforts typically lead to a large portion of outputs or results.
The principle is named after Italian economist Vilfredo Pareto, who observed that approximately 80% of the land in Italy was owned by 20% of the population.
The 80/20 rule can be applied to many different situations and suggests that a small number of causes or factors often have a disproportionate impact on outcomes.
For example, in business, the 80-20 principle might suggest that 80% of a company’s sales come from 20% of its products or customers.
The rule can be a useful tool for identifying areas of focus and making more efficient use of resources.