The 80/20 Rule Doesn't Mean What You Think: Myths About the Pareto Principle
I am sure you have heard about the 80/20 rule or Peretto principle which states that 80% of the outcome is achieved by 20% of actions. However, there is more to this simple rule and more and more context which it is applied. You might be a student and say 80% of your exam results are due to only 20% of your work. If you are an entrepreneur 80% of your profit is gained by 20% of your operations. Obvious question one would then ask is AM I WASTING MY TIME?
Am I wasting my time?
It appears so. Imagine what it means by numbers. If only 20% of your actions made 80% of your results it means 80% of your actions were not productive actions but only contributed to 20% of your results. Can you cut off that 80% of your wasted time? Can you just replicate 20% of your action which was productive and spread it all 100% and then achieve an outcome of 400%? (20%->80%, 20x5 -> 100% -> 80x 5 ->400%) Or does this mean, that you can double your 20% of actual work get 160% result and enjoy 60% of the remaining time surfing YouTube or surfing waves in Hawaii? There seems something wrong when we think about in this way.
Myths About the Pareto Principle
It is true, there are math equations supporting this principle. However, when you consider a productive activity, this is almost impractical. It is just an observation about past actions and past results. Imagine the 80% of your wasted time as information. Or "FALIURES". As I mentioned earlier, tolerating failure and moving on is one factor necessary for the success in any field. If you treat your 80% as wasted time, that is just making a blame on yourself. Maybe the 20% of your work is the result of 80% of your wasted time. On the other hand, you might not be able to pinpoint the exact 20% of your actions which made 80% of results. More importantly what about diffuse mode of thinking? What if the 80% of your wasted time is where your mind wandered surfing YouTube but created strange connections between ideas and came as creative revelations while you are working at your desk 20% of your time?
Pereto principle makes us believe we can be more productive by cutting off 80% of your workload without a reduction of significant outcome. As you can see this is not true. The 80% wasted time matters in your work, and principle itself says it matters for 20% of your results. We need better framework just to apply this principle. Following may be helpful.
How to apply Pareto Principle
If you need to priorities your work like the principle suggests, you can use Eisenhower principle instead. It gives you a simple framework to engage in activities with delayed reward, as a part of your system.
If you need an optimal functioning system with self-iterate, you might need to build it from scratch considering all the factors. Mandala technique would be a good way to do just that.
If your work is lacking creativity, novelty and authenticity, the best way is to collect ideas throughout your day. Yes! you need a way to collect all those 20% of your thoughts so that is not added to the pile of wasted 80%. Either act on it immediately or make a physical note.
Learning about Pereto principle doesn't make one suddenly a genius at their own line of work. I have learned about it15-20 years ago. However, I did not feel productive, at least most of my adult years. Feeling of productivity needs more ingredients than a simple principle. I would say it needs a very personalized knowledge, about yourself which cannot be gained by reading a single book. But knowing 1000 Peretto principles can make your life slightly better. A personal philosophy, learning about values, and identifying your own talents would help. Being in a field which makes you replicate your 20% productive time, 3 times per day would help. So, I guess there is no easy way to productivity and living a lazy life. A good quote from Mark Manson would summaries it here.
"Life is a suffering, once you know it, chose your suffering, which you are willing to endure the rest of your life"
Comments