How we wish we could have a little more time to that
assignment. What if we had a few more minutes to do that last question in the
examination? How wonderful it would have been if we could rise up to the expectations
of our seniors and please everyone. But if wishes were horses, beggars would
ride! The truth is none can do everything and please everybody. In life, all
you need is a few right decisions to get you where you wish to be, using the
80/20 principle. FORE School of
Management was privileged to have Mr. Malay Rai to talk about the same on 6th
March, 2014 as a continuing part of guest lecture series and interactive
sessions with corporate leaders.
Mr. Malay Rai is an alumnus of FORE School of Management,
New Delhi, 2007-09, PGDM – IB and was the gold medalist of his batch. He is
working with Bain & Co. as Senior Specialist – Transfer Pricing &
International Taxation. He has previously worked for Ernst & Young and Koine Investment
Advisory and has more than 6 years of experience in the field of transfer
pricing and taxation.
Talking about the Pareto Principle of Time v/s Result, Mr.
Rai said that there are always some inputs which contribute more to the output
than others; like in marketing, it is said that 20% of the customers drive 80%
of the profit. Also, in today’s world where businesses are dynamic, commitment
to one design may not be favorable. So, instead of trying to be a
perfectionist, it always helps to focus on the priorities and take informed decisions.
Important is to make sure that you get those selected tasks 100% right because
80/20 rule is not about skipping the details, it is about knowing when details
matter. Taking this point further, he
said that 80/20 is a mindset and a survival method as planning is half the
work. Hence, develop a plan according to the level of importance and time
required and while you are at it, make a ‘not-to-do’ list as well.
Mr. Rai enlightened the audience with the wide scope in
which the Pareto Principle makes itself useful. It is valid as a thumb rule in
every facet of business world- be it the designing of HR policies, effective
business communication, delivering presentations or dealing with aggressive
deadlines. As a concluding remark, he said that while focusing on the key
strengths, one must also ensure that his weaknesses are not obstructing his
path to glory.
