BUSINESS MANAGEMENT
In modern business world, managers use technology and mathematical techniques to analyze their workforce and make decisions. They believe employees work for numerous reasons, including to achieve satisfaction, happiness and desired lifestyles. They understand employees' behaviors and needs and hence they implement strategies to meet those needs and support their skill development over time.
80/20 Business rule
The 80/20 rule, also known as the Pareto principle, says 80 percent of your results are a product of 20 percent of your actions.
Businesses are often in search of ways to increase productivity, save time and boost sales. One way they can do that is by implementing the 80/20 business rule.
- 80 percent of your results are a product of 20 percent of your time invested.
- 80 percent of your sales come from 20 percent of your customers.
- 80 percent of your complaints come from 20 percent of your customers.
- 80 percent of global pollution originates from 20 percent of factories.
- 80 percent of your online product sales come from 20 percent of your products.
- 80 percent of your website traffic comes from 20 percent of your keywords.