Time Management and the Pareto Principle
Every task, be it for our day-to-day activities, our personal development, or our work, requires time and energy. To increase our efficiency and effectiveness in completing these tasks within set deadlines and producing outcomes that are true reflections of our capabilities, time management is a useful tool.
When we manage our time effectively, we not only allocate each task the time required to complete it correctly, but we also give ourselves the information to discern which tasks require more urgent attention.
One technique many people have found particularly helpful in managing time is the Pareto Principle or the rule of 80:20. This principle implies that we can obtain 80% of the results we desire in 20% of the time. This means that when you structure your tasks and allocate the time you will require to complete them it is important to note that typically 20% of your tasks and activities will contribute to 80% of the total success of your work.
The Pareto Principle is an effective tool for prioritizing tasks, identifying scheduling issues early, and developing well-formulated plans for work. To effectively apply this principle, it is crucial to first understand our own capabilities and our level of performance, clearly articulating our goals and priorities.
This does not mean that certain tasks hold no value towards our success, but rather that in knowing our strengths and weaknesses coupled with the knowledge of what responsibilities we have are most crucial to our goals, we can reap 80% of our success with only 20% of the time commitment.
If you are interested in learning more about time management and other useful tools regarding this concept, have a look at our Time Management Skills course.