Pareto Principle (The 80/20 Rule)
The value of the Pareto Principle for a project manager is that it reminds you to focus on the 20% of things that really matter on a project.
Pareto Analysis or the 80/20 rule enables you to see what 20 percent of cases are causing 80 percent of the problems on a project.
Pareto charts can be used to identify problems to work on. They can help you produce greater efficiency, conserve materials, reduce costs or increase safety.
Now called the 80/20 Rule or the Pareto Principle, its application in the IT world is essential to project success.
The Non-Pareto Principle (PDF)
The Pareto principle has become deeply rooted in our industrial literature. It is a shorthand name for the phenomenon that in any population which contributes to a common effect, a relative few of the contributors account for the bulk of the effect.
80/20 Thinking is inherently optimistic because, paradoxically, it reveals a state of affairs that is seriously below what it should be. Richard Koch
We tend to think of innovation as difficult, but with the creative use of The 80/20 Principle innovation can be both easy and fun! Richard Koch
Every person I have known who has taken The 80/20 Principle, seriously has emerged with useful, in some cases life-changing insights. Richard Koch
The 80/20 principle – that 80 percent of result flow from just 20 per cent of the causes – is the one true principle of highly effective people. Richard Koch