The 80/20 Approach-Achieving More by Doing Less

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 6^th 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.