Hello steemians, welcome to my blog. It’s another beautiful day to produce content on the blockchain. I hope you find time to read to the end.

A few days back I read a post by @aggroed about steemit clocking its one-millionth user, I am sure you are all aware of this. If you look closely, you would find out that only about 20% of steemians are very active, producing quality contents, the remaining 80% account is either inactive / sub active.

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Today I would be writing about the Pareto principle also known as the 80-20 rule. It is also known as the law of the vital few for simplicity purpose. This law was postulated after a study which concluded that 80% of the effects were as a result of 20% of the causes.

A Management consultant named Joseph M. Juran suggested the principle and named it after Vilfredo Pareto (1848-1923)

Vilfredo Pareto was born in Paris, he was an Italian economist-sociologist, Professor of Political Economy at Lausanne, Switzerland, who first discovered and described the '80:20' effect, while at the University of Lausanne in 1896, published his first paper "Cours d'économie politique.

Pareto discovered that approximately 80% of the land in Italy was owned by 20% of the population.The application of the Pareto principle cuts across various works of life, it cuts across the business, hospital medicine, science, personal life, software engineering, law, wealth and even steemit lol.

Let’s take a look in the store

• 20% of stock takes up 80% of space.

• 20% of your suppliers provide 80% your stock.

• 20% of staff account for 80% sales.

In the office

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• 20% staff will cause 80% of problems.

• 20% staff will provide 80% of production/ results

Have you noticed that ?

• 20% of carpet accounts for 80% of wear.

• 20% of the time spent on a project accounts for 80% of the results?

software

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• Microsoft was noted to fix 20% of most reported bugs, eliminating 80% of the errors & crashes .

Personal Lives

• We wear our 20% most favorite clothes about 80% of the time.

• Perhaps, we spend 80% of the time with 20% of our friends.

CRIME.

• 20% of criminals account for 80% of the crimes!

WEALTH

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• If we take the ten wealthiest individuals in the world, we see that the top three, The combination of the wealth of the 10 richest people contribute 20% of the world’s economy.

Jeff Bezos (CEO, Amazon) $112Billion,
Bill Gates (Co-founder, Microsoft) $90 billion,
Warren Buffett (CEO, Berkshire Hathaway) $74.9 billion.
source

HOSPITAL

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• 80% of the worst case scenarios in the hospital are actually caused by 20% of the patients themselves.

• 80 percent of valuable medical information that you receive will come from only 20 percent of what’s communicated to you.

• 80 percent of telephone calls and pages will always come from 20 percent of nurses

RESULTS EFFORT.

• 20% of the time (effort) accounts for 80% of results.

• 20% of the staff completes 80% of the workload.

LAW.

• As a lawyer, 20% of briefs handled by lawyers fetch them a fat paycheck.

How can this knowledge be of help to you?

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• Knowledge of Pareto Principle reminds us to focus on the 20% that matters. Of the things we do, only 20% really matters, at any given moment. Remember that from the examples we gave above, 20% of efforts produce 80% of the results, Identify and focus on those things.

• When the crisis of the day begin to sap our time, energy and patience, remember to save some time, energy and patience for the 20 % that matters.

• If something in the schedule has to slip, make sure it's not part of that 20%. For instance, when companies are downsizing, they fire them from the 80%.

• By recognizing Pareto’s Principle we can set realistic expectations and focus on the most important areas to make our jobs/career more productive and satisfying. We can reverse the 80-20 equation to ask important questions such this.

• – Which 20 percent of people are going to take up 80 percent of my effort?

• – Which 20 percent of my time is giving me 80 percent of my job satisfaction?
  • – Which 20 percent of work-related issues are responsible for 80 percent of my job dissatisfaction?

Of course, the 80-20 percentage is not absolute, but it can act as a broad starting point of awareness in order to stand a better chance of improving things.

CONCLUSION

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• This may not be the best strategy in every case. The point of the Pareto principle is to recognize that most things in life are not distributed evenly. Make decisions on allocating time, resources and effort based on this.

• Instead of spending 1 hour drafting an article you’re not sure is needed, spend 10 minutes thinking of ideas. Then spend 50 minutes writing about the best one.

• Rather than spending 3 hours to read 3 articles in depth, spend 5 minutes glancing through 12 articles (1 hour) and then spend an hour each on the two best ones (2 hours).

I know that after uploading this post, only 20% of people that get to come across this post will comment, while the remaining 80% will ignore it.

REFERENCES

• Richest people in the world: Forbes' top 20 billionaires of 2018

• Global Inequaity

• Illustrations of the Logic of Science" 1877–1878, Charles Sanders Peirce.

• Living Life the 80/20 Way by Richard Koch Gen, M.; Cheng, R. (2002)

• THE APPLICATION OF THE PARETO PRINCIPLE IN SOFTWARE ENGINEERING. Ankunda R. Kiremire 19th October 2011.

• Epstein, Joshua; Axtell, Robert (1996), Growing Artificial Societies: Social Science from the Bottom-Up, MIT Press, p. 208, ISBN 0-262-55025-3

• Pareto’s Principle in Hospital Medicine

• All pictures were sourced from pixabey

i remain @antigenx

Thanks for reading