Apply the Pareto Principle (80/20 Rule)

Categories: Productivity & Efficiency Problem Solving & Decision Making Business Strategy & Planning Mental Models & Thinking Tools (Primary)

Help me apply the Pareto Principle (80/20 Rule) to '[Area of Application, e.g., 'my workload/tasks', 'my customer base', 'sources of bugs in our software', 'marketing channels driving leads']'. What questions should I ask to identify the likely 20% of inputs (tasks, customers, causes, channels) that are generating 80% of the results (value, revenue, problems, leads)? How can I use this insight to prioritize efforts?