Pareto Principle | Approach Strategies | Project Management In Less Than A Minute | #shorts

Ever notice how the success or failure of a project hinges on a few key work items? Some parts of our projects require lots of time and effort to complete, while offering little payoff. On the flip side, other items also require time and effort as well, but come with massive payoffs relatively-speaking. This concept is known as the "Pareto Principle" or the 80/20 rule - 20 percent of actions produce 80 percent of results. Understanding the Pareto principle helps PMs decide what's important on a project vs. what can take a back seat. Hitting milestones, monitoring the budget's biggest items and maintaining cash flow are examples of these "twenty percent actions", while excessive emailing, pointless meetings and small-ticket items fall into the less important "eighty percent". When planning your day, keep the Pareto principle in mind. #shorts
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We've created the "Project Management In Less Than A Minute" series to provide vital information, useful tips and must-know techniques for managing projects in short, simple videos that give you value quickly!