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Vilfredo Pareto. I’m sure that name rings a bell of familiarity with everyone. NOT. But maybe it should. Pareto was an Italian economist who taught at the University of Lausanne in Switzerland. In 1904, he discovered that 80% of the land in Italy was owned by only 20% of the population. He continued his research to include other nations, and discovered that the richest 20% of the world population receives 82.7% of the income. He documented these results in line with the well-known mantra of college teachers: publish or die (career over!). And the 80/20 distribution became known as Pareto’s Principle.
Pareto’s writings were found in 1941 by an American engineer, Joseph M. Juran, who applied the theory to business processes. Occupational Health and Safety researchers found that 20% of hazards are responsible for 80% of injuries. And it also applies to engineering and manufacturing quality control. It’s a base concept in Six Sigma techniques. There is a business and sales adage that states, “80% of sales come from 20% of the clients.” Pareto’s work became known as a “power law.”
In 2004, writer Richard Koch discovered the works of Pareto and Juran. He found that 80% of traffic is on 20% of the roads. 20% of athletes win 80% of the competitions. Microsoft found that fixing 20% of reported bugs in their software resulted in an 80% reduction in system crashes. So Koch applied the 80/20 principle to his life and work and documented the success in his book, which has sold over a million copies in 40 different languages.
If you’ve read this far, you are probably wondering, how does the 80/20 principle apply to me? To look at Koch’s findings, the greatest amount of results (80%) came from 20% of the effort. If a person identifies the most important things in their life (usually about 20%) and concentrates on those items, the remaining 80% will fall in line and leave the person overall happier. Some of this is a form of time management. It always includes goal setting, as the process documented by Koch is:
Deciding on your destination (where you want to be)
Deciding on the best route to get there (easiest way)
Taking action (those first key steps)
For comparison, let’s look at my education journey. I spent 17 years at Conoco as a technician, low pay and yet knowing I was capable of more. I was 41 years old when I had my “epiphany” to change my life. Step 1- I decided to pursue an engineering degree at OSU (destination). Step 2- I went to Stillwater and met with an academic advisor in the engineering college for guidance (setting the best route). He listed several specific classes for me to take at NOC (Jr. College) to get me “back into the academic mode of thinking” for one semester before going to OSU full-time (it had been 23 years since I graced a classroom). He ensured all of the classes were transferable to OSU and all applied to my preferred degree. Step 3- I enrolled at NOC and started my journey. The comparisons do not end there. After graduation (3 ½ years later), I enjoyed a very rewarding 20-year career in the government. So, I spent 18% of those years in school, which resulted in 82% of years in a successful career. The numbers are close enough to be relevant.
How about you? Are you where you want to be? Can you envision yourself doing something else more rewarding? Would a degree help you get there? Think about the 80/20 plan. Buy Robert Koch’s book, as it is definitely a life-changer. And if you are like me, where a degree can open a lot of doors to a more rewarding life (both financially and work-wise), please consider visiting the University Center in Ponca City. We have advisors to help you plan a path forward or to ensure you are put in touch with the right academic advisors. Everyone deserves an 80/20 success!
At the University Center, our commitment is to develop high levels of quality relationships with our students. Our support staff works tirelessly to make sure that student needs are met and that our professors have the tools necessary to provide a high-quality education.
We hope you will stop by the University Center and speak with us about the opportunities available to you. We have a dedicated staff ready to provide you with the tools to start your journey to earn a degree in higher education. The University Center is committed to bringing degree programs to Ponca City that our students need to be effective in a global economy. We have a strong desire to see each of our students succeed and be ready to make a positive economic impact in our region.
We encourage you to begin today, and let us be the first to say, “Welcome to your future.” Please enjoy your visit to the University Center at Ponca City. To find out more about our programs, visit us online at www.ucponcacity.com