I often struggle to understand why our collective experience, knowledge and intelligence hasn't sorted out so many of the problems we face as a society...
I was reminded today about the 80:20 rule as we struggle to understand how we manage the challenges that lie ahead with the spending review. In case you don't know what I am talking about, in 1906, the Italian economist Pareto noticed that 80 percent of the land in Italy was owned by 20 percent of the people. He went on to notice that this rule seemed to apply to all sorts of other things. This concept is known as the "Pareto Principle," or the "The 80:20 Rule."
- Pick an area of your work where you feel there is an opportunity to strip out and refocus.
- Try identifying the activities that are having the most impact on outcomes.
- Find ways to spend more time on these activities.
- Find ways to eliminate the other things that are getting in the way.
Reading through the history and Pareto's work he also suggested that human beings are not, for the most part, motivated by logic and reason but by sentiment which explains a lot!