Have you ever read the 80/20 Principle? It is also known as Pareto Principle. Who has not heard this principle before? Yet, most of us struggle to put it into practice. What is the Pareto Principle, and how does it link with project management? How can this principle make you an effective project manager?
This article will explain the Pareto Principle and how you can use it effectively to boost your project management efforts.
The 80/20 Principle lays the foundation for becoming an effective project manager. The basic “rule” needs to be followed to manage a project successfully and efficiently.
The Pareto Principle or the 80/20 rule says that 80% of the outcome comes from 20% of the effort. This is easily demonstrated in project management. There are often the big rocks that lurk on our long-term project management to-do list, and then there are smaller tasks which are often called ‘busy work.’ However, we shouldn’t underestimate this ‘small’ work as it not only helps the project flow along smoothly but also has a direct impact on how well we manage risk.
Project Deadlines
As project managers, you are always looking for the quickest and easiest ways to complete tasks. Get ahead of the game with the Pareto principle that allows you to get through all of the dependencies and activities quickly so that you can provide a marketable product.
The Pareto’s Principle is easy to implement and works great with any size company that has multiple projects. It will aid managers in completing their most important tasks on time so that work can be done more efficiently without sacrificing quality.
Errors and Issues
When you’re managing a project, the Pareto Principle can help you to be more effective. The majority of your problems and issues are likely to come from a few key sources, so you can run your project more efficiently and hit your goals by paying attention to them.
The Pareto Principle states that the vast majority of effects (80%) come from a small number of causes (20%). It usually applies to business and economics and understanding how project management works. You’ll be a much more effective project manager when you know how to use it to identify the 80/20 rule for projects.
The Pareto Principle can be useful for managers who are looking for ways to improve their problem-solving skills. Once you’ve identified all of the issues, try to break down each problem into its root causes and narrow your focus. If you find yourself working on one issue that’s disproportionately affected by certain causes, broaden your scope until you can identify and solve the underlying causes.
Time Management
Time Management is very important in our everyday life. Sometimes, we feel like we’re running out of time; it’s just not enough to get everything done and fulfill our obligations. The answer for this is the Pareto Principle, which states that 80% of the output from any given situation or system is determined by only 20% of the input. If you change your way of thinking and planning your daily activities, you will find yourself more productive and with more free time.
Make a list of primary tasks you must complete. Label that lists 1, 2 or A, B, and C based on priority. Then, organize secondary tasks under the primaries. For instance, if you finish your first primary task early, you can begin on a secondary task instead of having to think about what else needs to be done.
Conclusion
Have you ever wondered why 80% of results only come from 20% of the effort? This is called the Pareto Principle after an Italian economist. The Pareto Principle allows you to identify your most important goals and tasks in order to focus the majority of your time on meeting them. Once you’ve accomplished this, you can move on to lower priority items and still feel like you’re being productive.
This principle can be used by project managers focusing on the most important tasks and delegating the less important tasks to others. By doing this, you will be able to complete more tasks in less time and produce better quality work.
Are you a project manager looking to improve your processes around time, resources, and risks? Or, are you curious about how Rafiuddin Alvi can help organizations like yours using smart tools and techniques? Get in touch with us today.