Some Interesting "Maxims"

If there are two or more ways to do something and one of those ways can result in a catastrophe, then someone will do it.

Edward A. Murphy, Jr.

Murphy’s Law, Parkinson’s Law, Sturgeon’s Law and Pareto’s Principle are some of the well-known maxims in the business and management world. Each of these laws or principles has a unique set of implications for how business and management decisions are made. In this article, we’ll take a look at the significance of each of these laws/principles and how they are used in the corporate world.

Murphy’s Law is perhaps the most familiar of these maxims, and states that “anything that can go wrong will go wrong”. This law has two main implications for business and management: first, it emphasizes the importance of planning for potential problems; second, it encourages managers to take action to prevent problems from happening in the first place. For example, a company might invest in backup systems or other safeguards to prevent data loss or other mishaps from occurring.

Parkinson’s Law states that “work expands to fill the time available”, meaning that people tend to stretch out tasks to fill up their available time. This law has important implications for how managers allocate tasks and resources. For example, if a manager knows that a task can be completed in two weeks, they can structure their workforce so that they have enough people working on it to complete it in that amount of time.

Sturgeon’s Law states that “90% of everything is crap”. This law is often used to refer to the quality of products or services, but it can also be applied to management decisions. Specifically, it encourages managers to recognize that not all ideas or strategies will work out, and to avoid investing too much resources into strategies which may not pay off.

Pareto’s Principle states that “80% of results come from 20% of causes”. This principle has a number of applications in business and management. For example, it can be used to identify which strategies or practices are most effective in achieving desired outcomes. It can also be used as a decision-making tool; by focusing on the 20% of causes which produce 80% of results, managers can maximize their resources and get more out of their efforts.

To summarize, Murphy’s Law emphasizes the importance of planning for potential problems; Parkinson’s Law encourages managers to allocate tasks and resources efficiently; Sturgeon’s Law encourages managers to recognize that not all ideas will work out; and Pareto’s Principle helps managers focus their efforts on the strategies which will produce the best results. By understanding and applying these laws/principles in their daily work, managers can make more effective decisions and improve their organization’s overall performance.