What are the key takeaways from "Algorithms to Live By" that are actionable for freelancers or independent contractors?

One of the key takeaways from "Algorithms to Live By" that can be actionable for freelancers or independent contractors is the concept of task prioritization based on the ratio of task weight to completion time. This approach allows you to determine each task's hourly rate. By dividing each project fee by its size and working from the highest hourly rate to the lowest, you can optimize your time and income. This method can help freelancers and independent contractors to manage their tasks more efficiently and maximize their earnings.

Asked on the following book summary:

resource preview

Algorithms to Live By: The Computer Science of Human Decisions by Brian Christian and Tom Griffiths

Can computer science teach us the secrets of life? Perhaps not, but they can shed light on how certain everyday processes work and how to exploit them...

Start for free ⬇️

Download, customize, and translate hundreds of business templates for free

Go to dashboard to download stunning templates

Download

book summary Preview

resource preview
resource preview
resource preview
resource preview
View all chevron_right

Question was asked on:

Another approach is to assign a weight to each task, such as how much money it will bring in. Divide each task's weight by how long it will take to complete, then work in the highest to lowest order. For a freelancer or independent contractor, this allows you to determine each task's hourly rate. Divide each project fee by its size and work from the highest hourly rate to the lowest.

Questions and answers

info icon

The task prioritization method from "Algorithms to Live By" has significant potential for real-world implementation. It's particularly useful for freelancers or independent contractors who need to prioritize their tasks based on the potential income they can generate. By assigning a weight to each task (such as the potential income it can bring) and dividing it by the time it will take to complete, individuals can determine the "hourly rate" of each task. They can then prioritize tasks from the highest to the lowest hourly rate. This method can help in efficient time management and maximizing income.

stars icon Ask another question

RELATED

Problem-Solving Frameworks Presentation preview

Problem-Solving Frameworks

Feel overwhelmed by a seemingly complex problem? Download the Problem-Solving Frameworks template to deconstruct problems into a series of smaller, logical steps. This deck includes tools that survey and identify a problem, explore potential causes, brainstorm potential counter measures, implement proposals, and then evaluate the outcome. 
Workflow Automation Presentation preview

Workflow Automation

How to reap the benefits of intelligent process automation? The rapid advancements in AI and Machine Learning offer new areas of opportunities and complexities for businesses and employees to explore. Use this presentation to navigate the use cases and long-term benefits that Workflow Automation can bring to the corporate world.
AI Strategy Presentation preview

AI Strategy

Want to stay ahead of the game with AI innovations? As automation takes hold of more job functions, businesses need to develop the right tools and skill sets to stay efficient and competitive. This AI Strategy presentation reviews tools that can help turn ambitious ideas into reliable execution.
Flow Chart Collection Presentation preview

Flow Chart Collection

Need to simplify workflow management and make it more effective? This Flow Chart collection includes a variety of visualizations that can be used and customized for all kinds of business scenarios, such as PERT flow chart, user journey flow, standard operating procedure, SIPOC flow, root cause analysis, and many more.