Hi Professor, where I'm struggling is this - In any given week, if I spend 1 day to make $80, and another 4 days to make $20 , is there a way to replicate the 1 day's efforts every day and do away with the activities that used to fill the 4 days?
@ProfessorEastonOnDataScience
4 жыл бұрын
The Pareto Principle often does apply to variables like income and day, especially in things like sales. However, it is most usefully applied when there is a reasonable causal relationship between the category variable (days in this case) and outcome (income in this case). Days is not really a causal variable. Focus instead on the things that are done to generate the income. Most of us do spend a great deal of time on low productivity activities. So as a general rule of thumb, it is probably reasonably accurate to think that 20% of my time is responsible for 80% of the results I achieve. By doing more of what really generates the results and less of what is only marginally useful, most people (myself included) could double the results. BTW, answering your question is one of those things that I do that only marginally creates results for me. But I wanted to do it and did not want to get to what I really should be doing. Also, with respect to time management, things that are not very important can become very important if they not done. So even with the Pareto Principle working, you may not be able to abandon all of the relatively unimportant 80%. The Pareto Principle is only a rule of thumb, and an extremely important one. It is the frame from which you should look at many things. But like most rules of thumb, if you push it too far there will be exceptions and the rule may even break.
@JoeSpring
4 жыл бұрын
@@ProfessorEastonOnDataScience thank you for replying, you have given me more to think over and I certainly appreciate that engaging here is not a priority, yet adds value to others (me). I am faced with many things which are necessary admin but could be optimized.
@drewsykes82316 жыл бұрын
pareto principle and the legal system 🤔 which lawyer should go to prison 1st
@TheSquidPro
6 жыл бұрын
Don't you mean an elite group of lawyers has an almost complete success rate?
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Thank you so much. This video really helped me.
well explained ,thank you very much
Thanks!
Excellent
explained the basics very clearly :P)
Hi Professor, where I'm struggling is this - In any given week, if I spend 1 day to make $80, and another 4 days to make $20 , is there a way to replicate the 1 day's efforts every day and do away with the activities that used to fill the 4 days?
@ProfessorEastonOnDataScience
4 жыл бұрын
The Pareto Principle often does apply to variables like income and day, especially in things like sales. However, it is most usefully applied when there is a reasonable causal relationship between the category variable (days in this case) and outcome (income in this case). Days is not really a causal variable. Focus instead on the things that are done to generate the income. Most of us do spend a great deal of time on low productivity activities. So as a general rule of thumb, it is probably reasonably accurate to think that 20% of my time is responsible for 80% of the results I achieve. By doing more of what really generates the results and less of what is only marginally useful, most people (myself included) could double the results. BTW, answering your question is one of those things that I do that only marginally creates results for me. But I wanted to do it and did not want to get to what I really should be doing. Also, with respect to time management, things that are not very important can become very important if they not done. So even with the Pareto Principle working, you may not be able to abandon all of the relatively unimportant 80%. The Pareto Principle is only a rule of thumb, and an extremely important one. It is the frame from which you should look at many things. But like most rules of thumb, if you push it too far there will be exceptions and the rule may even break.
@JoeSpring
4 жыл бұрын
@@ProfessorEastonOnDataScience thank you for replying, you have given me more to think over and I certainly appreciate that engaging here is not a priority, yet adds value to others (me). I am faced with many things which are necessary admin but could be optimized.
pareto principle and the legal system 🤔 which lawyer should go to prison 1st
@TheSquidPro
6 жыл бұрын
Don't you mean an elite group of lawyers has an almost complete success rate?
@Pedro72740
6 жыл бұрын
Saul Goodman