Actually, Italian economist Vilfredo Pareto didn’t study time management when he discovered his famous rule, as really he created a mathematical formula describing that 20 percents of the people in his country owned 80 percents of the wealth. After he invented this formula for his area of science (economics), many others scientists observed similar phenomena in their own areas of expertise. Later the universal Pareto’s rule was developed meaning that 20 percents of something always are responsible for 80 percents of the results. In other words, Pareto principle means simply that 80% of your results can be produced by only 20% of your efforts (also it is called Pareto workforce management 80/20 Rule). Sometimes you can find a statement of the opposite Pareto rule for workforce management: 80% of your efforts lead to only 20% of your results. The key to maximizing your results is to control which activities produce the best results for you and apply more efforts to doing those things by ignoring, delegating or declining the other 80% activities that don’t bring such results.
VIP Task Manager is software that can be used for realizing Pareto practice in business activities as it is real-time teamwork software for planning, controlling and analyzing time and tasks on the projects. It can be used with different techniques, as it provides sharable interface modes (Task List, Task Tree and Calendar).
To plan and analyze your project’s time – do the following:
- start your project planning software;
- set a suitable time management technique (such as ones based on Pareto's law);
- plan and schedule tasks and arrangements in terms of costs, time, etc;
- control performance parameters;