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Summary: The 80/20 Principle Richard Koch

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    vidannyy9615har citeretfor 3 år siden
    Managers love complexity because it makes their jobs appear more valuable and intellectually stimulating.
    carloszambranohar citeretfor 4 år siden
    Cultivate just a few close friendships with positive, happy people.
    carloszambranohar citeretfor 4 år siden
    To achieve personal success, actively seek ways to build in these personal habits:
    Daily physical exercise. The endorphins naturally manufactured during exercise will be far more exhilarating than any other alternatives - natural or man-made.
    Вита Мирhar citeretfor 4 år siden
    The key areas in which 80/20 thinking can be applied in personal lives are:
    Time management
    Setting personal goals
    Forming personal and professional friendships
    Making career choices
    Making more money
    Developing the personal habits of success
    Dinara Urozbayevahar citeretfor 8 måneder siden
    80/20 thinking combines personal ambition with a structured, intelligent approach rather than trying to be everything to everyone.
    Dinara Urozbayevahar citeretfor 8 måneder siden
    Concentrate on improving the high performing product lines. Be marketing-led in this area.
    Julieta Carolina Arteaga Legorretahar citeretfor 10 måneder siden
    Simplify the project so that team members can focus on the 20-percent of activities that will generate 80-percent of the overall value.

    Once that 80-percent value threshold has been achieved, evaluate whether the time spent attaining the remaining 20-percent added value is worth it. If not, end the project at that point.
    Allocate more time to detailed planning than to execution. You’ll find that 80-percent of the problems will arise in the design phase, and they will be easier to correct sooner rather than later.
    Keep in mind 20-percent of the problems will cause 80-percent of the cost overruns.
    Julieta Carolina Arteaga Legorretahar citeretfor 10 måneder siden
    Focus every available resource on expanding what those products are doing right. Don’t worry about trying to improve the poor performers - they don’t matter much anyway. Concentrate on improving the high performing product lines. Be marketing-led in this area.
    Julieta Carolina Arteaga Legorretahar citeretfor 10 måneder siden
    The natural tendency is for products to become too complex over time as incremental features are added. Eventually, most products become more inefficient at performing their primary role for the sake of versatility in performing a number of roles. Yet, versatility does not always add value from a customer perspective, and often detracts value rather than adding it.
    Julieta Carolina Arteaga Legorretahar citeretfor 10 måneder siden
    You can also use 80/20 principles to come at cost reduction issues from a different angle. If you intuitively accept that only a minority of your product’s or service’s features will be useful from a customer perspective, you can take the time to measure and compare which features deliver the greatest value. Armed with this knowledge, you can then creatively develop ways to provide enhanced features in just those areas for the same total cost of your product at present. In this approach, your costs remain the same but the perceived value is increased
    Julieta Carolina Arteaga Legorretahar citeretfor 10 måneder siden
    The information revolution which began in the 1960s also has 80/20 principles at its heart: the fact that 80-percent of the benefits of any system will be found in the simplest 20-percent of the system, the fact that 80-percent of any product’s use will take advantage of only 20-percent of the available features or the fact that people use 20-percent of any software package 80-percent of the time.
    The 80/20 principle also applies to industry sectors:
    Over time, 20-percent of the competing companies within an industry will have an 80-percent market share, and generate 80-percent of the profits.

    As new innovations are introduced to existing markets, companies will try and segment off portions of the existing market into smaller niches that can be defended.

    Of the emerging niches, only 20-percent will generate 80-percent of the added overall market value.
    Similarly, the 80/20 principle will apply to individual companies:
    80-percent of the surplus generated by profitable companies is created by 20-percent of the employees.
    G.Ghar citeretsidste år
    there are only four types of officer. First, there are the lazy, stupid ones. Leave them alone, they do no harm. Second, there are the hard-working intelligent ones. They make excellent staff officers, ensuring that every detail is properly considered. Third, there are the hard working, stupid ones. These people are a menace and must be fired at once. They create irrelevant work for everybody. Finally there are the intelligent lazy ones. They are suited for the highest office.’’

    --General Von Manstein, German Officers Corp.
    G.Ghar citeretsidste år
    database, no matter how copious, is not information. It is information’s ore. The information a business depends on is available, if at all, in a primitive and disorganized form. For what a business needs the most for its decisions - especially its strategic ones - are data about what goes on outside of it. It is only outside the business where there are results, opportunities, threats.’’

    --Peter Drucker
    G.Ghar citeretsidste år
    Complexity always requires overheads and management to sustain it. A simple business model doesn’t require a head office, regional offices, complex company operating manuals and so. The elimination of overheads will impact directly on profitability.

    Simple businesses can be closer to their customers - there is less management to get in the way of listening to customers and to responding to their quest for value.

    Simplicity can be the key focus in raising prices and lowering costs of production.
    G.Ghar citeretsidste år
    Market share in one well defined niche is always more directly profitable than achieving pure scale of operations.
    G.Ghar citeretsidste år
    practice, simple organizations which focus solely on selling a narrowly defined range of products to a specific identifiable customer base always turn out to be more profitable than large, complex companies operating in a diverse range of industries.
    G.Ghar citeretsidste år
    ‘‘The reasonable man adapts himself to the world. The unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.’’

    --George Bernard
    popuasikhar citeretsidste år
    Productive short-cuts will be sought rather than doing things the long way.
    In your personal life, you can simplify matters, accomplish more and work less by focusing on the achievement of a limited number of highly valuable personal goals rather than a large number of marginal goals.
    sophitahar citeretfor 2 år siden
    Only doing those things that you love doing and that you personally do very well.
    vidannyy9615har citeretfor 3 år siden
    The key to creating or managing a great company is simplicity.
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