Mike Clayton you are the best. I consider you the Sir David Attenborough of the MBA field and PRoject manangement field. May God to continue to give you the strength to continue sharing this knowledge. Best regards from Hargeisa, Republic of Somaliland.
@Onlinepmcourses2 жыл бұрын
Thank you very much. A great compliment to be linked in any way with Sir David.
@PrincessMindorena Жыл бұрын
Very thoughtful and succinct. Thumbs up b to this presentation.
@Onlinepmcourses Жыл бұрын
Thank you.
@goratamokwena12693 жыл бұрын
Wow that was truly helpful. Thank you for the information.
@Onlinepmcourses3 жыл бұрын
Glad it was so helpful!
@MohamedAhmed-gh6cs4 жыл бұрын
''Prioritization: _Find a vital few problems and resolve them ; -Find a vital few sources of risk and mitigate those; _Find your vital stakeholders and satisfy them. *The law of the vital few tell us: -If we prioritize ruthlessly, we can find a small number of points of control and use those points of control, to Gain Significant leverage over our Project.'' thank you very much for the practical explanation.
@Onlinepmcourses4 жыл бұрын
You're very welcome, Mohamed.
@matthewlebel76865 жыл бұрын
Great video, connected some concepts for me and helped with an assignment. Thanks!
@MikeClayton5 жыл бұрын
Matthew Lebel you’re very welcome. Thank you for your comment.
@Onlinepmcourses4 жыл бұрын
ditto
@innertubez2 жыл бұрын
Thanks! I wonder if this can help with personal finance, too. Such as, 80% of expenses come from 20% of "causes" (that is, things people spend money on).
@Onlinepmcourses2 жыл бұрын
There are a lot of things that conform to the Pareto Principle. So, maybe. But I am fairly sure you’ll get 80% of your happiness from 20% of your purchases!
@tiddybagel2 жыл бұрын
I work in the semiconductor industry and see this with contributions made by individuals.
@Onlinepmcourses2 жыл бұрын
That makes sense - it's what I have seen in a number of contexts.
@montyi82 жыл бұрын
Could you elaborate more please.
@tiddybagel2 жыл бұрын
@@montyi8 There's a vital few in the talent pool that keep things afloat. More likely than not this is less exaggerated at seasoned companies like TSMC and Samsung
@dion61462 жыл бұрын
This principle applies to intelligence, desire to work at a very high level, physical strength etc.
@Onlinepmcourses2 жыл бұрын
The Pareto Principle has huge application. However, I am fairly sure most measures of general intelligence follow a normal distribution, rather than the sigmoid curve of the Pareto distribution. So, I'd be interested in what sense you mean, for intelligence. 🤔
@dion61462 жыл бұрын
@@Onlinepmcourses You are correct. I should have written more clarity that the abilities that seem to be required in order to succeed in business follow a Pareto distribution rather than a Gaussian. In any sufficiently large group 80% or so of the work will be accomplished by 20% of the workers. Certainly, something very close to this was true in a R&D facility I worked in as well as the engineering groups I've worked in. It didn't cause upset with anyone, it was just how it was.
@Onlinepmcourses2 жыл бұрын
@@dion6146 I can certainly agree that, in many contexts, 80% of the delivery, creativity, inspiration... comes from 20% of the people. And not necessarily from the people at the top of the intelligence curve!
@dion61462 жыл бұрын
@@Onlinepmcourses Agreed. I have noticed that with different projects the 20% changed somewhat within a given fixed group (not complete change). I think that this reflects differences in skills, comfort, motivation, and inspiration that varies with the challenges presented.
@Johan-gg6gq6 жыл бұрын
Thank you for your explanation. I am looking for examples from nature which would support your remark that the 80-20-rule is a nature's law. But I cannot find them, perhaps you can name a series within the life of plants and animals? Thanks!
@Onlinepmcourses6 жыл бұрын
Well, maybe 80% of biomass comes from 20% of species. That's not a fact, but I'd bet the statistics give a Pareto type split. Maybe not 80 and 20. I say it's a natural law, because it stems from a power law which is also found throughout nature (and human endeavour). Power laws give the widely known 'long tail' effect. That is, there are a few really big rivers and many, many small ones. So, there will be a Pareto like figure for a small number of rivers carrying a big proportion of global fresh water.
@Johan-gg6gq6 жыл бұрын
Well, to be honest I think those examples I would merely call 'searched for' instead of the result of nature power. When we see nature's growing power at work, like in plants and animals in the wild, one could say that man can mirror his growth to that. When a small amount of seeds always leads to a big amount of flowers, that would be 80-20, but I doubt it is. When 20% of born animals stays alive and forms thereby 100% of the population, I'd say it's 80-20. And so on.
@Onlinepmcourses6 жыл бұрын
I think you are misunderstanding the pareto principle. There is nothing special about the numbers 80 and 20. It just happened that in Pareto's original observation, 20% of people held 80% of wealth. He might have observed another phenomenon and found 18% of the population accounted for 87% of something. The fact they add up to 100 is coincidental, not fundamental.
@Johan-gg6gq6 жыл бұрын
I am wellknown to that fact, thanks. Still just looking for real fundament for calling it a law of nature.
@realtalk35672 жыл бұрын
Check your subscription list. Notice that you mostly watch 20% of those you've subscribed to 80% of the time.
@Onlinepmcourses2 жыл бұрын
Nice example! Thank you.
@DorianPaige00 Жыл бұрын
similar to Price's law
@Onlinepmcourses Жыл бұрын
Indeed - similar but not the same. They each tend to hold in different circumstances. But I am not familiar enough wit the statistical underpinnings to know where each one is more likely.
@DorianPaige00 Жыл бұрын
@@Onlinepmcourses Price's law gives an accurate assessment of the number of players in a creative domain. It says that half of the work is done by the square root of total players. So if you look at the Billboard charts, 50 of the 100 songs would be affiliated with 10 production teams/labels. Price's law doesn't say why that is but efficiency of major players is one and another is that smaller players can't devote full time since they are not earning enough to survive/thrive.
@Onlinepmcourses Жыл бұрын
Thank you.
@kerschwynnvalentyn36262 жыл бұрын
the oom made me very confused with the story telling 🤦🏻♂️...I taught he would get straight to the point of wat it is but so he didn't 😏.
@Onlinepmcourses2 жыл бұрын
oom? What? You get the whole point and examples in 5 minutes. Straight to the point: 5% of stuff gives 50% of value. But to get to 80% of value, you may need to suffer 20% of the stuff.
@kerschwynnvalentyn36262 жыл бұрын
@@Onlinepmcourses now that makes more sense than all the story telling before explaining what it is but thanks btw and oom means uncle
@Onlinepmcourses2 жыл бұрын
@@kerschwynnvalentyn3626 Thank's nephew.
@joopsmit69102 жыл бұрын
"Oom" is a term used in the Netherlands and South Africa to describe an uncle. In South Africa however it can also act as a form of respect and when a younger person addresses an older, wiser person. Even if a remark is aimed to be derogatory, merely using the term "oom" still indicates an innate form of respect, even though the user might deny the fact. Thank you for the storytelling, stories convey much wisdom and history to often complex principles.
@treebeardtheent22003 жыл бұрын
👎 have to give thumbs down for unethical censorship of comments. If it was applied to trolls or comments constituting ad hominim attacks or such, then the censorship would be justified (maybe debateable), but censoring well reasoned applications of the Pareto principle using well articulated comments is simply unethical (at best).
@Onlinepmcourses3 жыл бұрын
I have not censored anything. Comments were left, but I made it clear that off-topic comments are not appropriate. This channel is for project managers and other professionals. It's not a political or philosophical forum. My channel. My rules. Feel free to hit the thumbs down a second time, if you don't like this answer!
@raukouy4 жыл бұрын
for the love of god! learn to pronounce Pareto
@Onlinepmcourses4 жыл бұрын
I'm terribly sorry.
@georgexm20323 жыл бұрын
a-pareto
@PussyDevourer693 жыл бұрын
You seem gonna cry.
@Onlinepmcourses3 жыл бұрын
😢
@cnmg71213 жыл бұрын
Speed play x2 to make it watchable
@Onlinepmcourses3 жыл бұрын
That's absolutely fine. Remember, I have a global audience with varying experience of business English. English may be your first language (I assume from your City of London crest icon) - it is not for many of my viewers. But I want them to be able to follow along too.
@kkk23231113 жыл бұрын
@@Onlinepmcourses slower means more time for digesting the concept behind
@Onlinepmcourses3 жыл бұрын
@@kkk2323111 Indeed!
@totalrobot2 жыл бұрын
Gotta hit that time mark cutoff for monetization! Irksome, isn't it?
@ehinmitantimilehin66172 жыл бұрын
👏
@Onlinepmcourses2 жыл бұрын
🙏
@Grumbledookvid3 жыл бұрын
satisfying stakeholders is for cowards
@Onlinepmcourses3 жыл бұрын
I think that's a little didactic. Sometimes it's the wrong thing to do, I'll grant you. Other times, satisfying your stakeholders isn't just the right thing... it's your job!