The Essence of Time Management

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Economics doesn’t count the ‘time’ among the factors of production so people make very little effort to see the accomplishment in a timeline or measure the success against available time. However, time is the most important resource in any kind of operation. This is because almost all other resources involved in a process can be created, acquired and replaced with other resource if a higher volume is needed but time can neither be created nor can one acquire it and replace it with a substitute from different sources. According to Peter Drucker, “Everything requires time. It is the only truly universal condition. All work takes place in time and uses up time.” The fact that all work takes place in time and uses up time crates the importance of time. And inelastic, perishable, irreplaceable, and unobtainable characteristics of the time put up the need for managing it. The ultimate result of time management of the manual workers leads to increased “efficiency”, whereas the result of time management of the knowledge workers is higher “effectiveness”. Efficiency and effectiveness are the foundation of an organization’s success and survival Three-Step Time Management Approach Peter Drucker suggests three-step approach of time management for executive effectiveness. This process starts with recording the time and activities one does for a specific period. Recording is done as soon as an event occurs not later from the memory of the event. The second step is systematic time management where one tries to find non-productive, time-wasting activities and avoid those activities in their schedule. In this stage, one tries to find out what happens if the activities in the schedule are not performed, what those activities contribute to the indi... ... middle of paper ... ...s the high level executives to analyze other opportunities for future growth. The time management process is as simple as any other functions that one performs in the organization. It doesn’t require additional resources except a small awareness. Recording time/activities, managing it by being focused on primary responsibility, identifying and removing the time-wasters, and developing a system, rule, and policy to achieve effectiveness and efficiency that best fits the individual’s or group’s or organization’s nature of work, resources, and goals. For example team management, time log book, sound information system, office layout, organization right sizing, practice of decentralization, 80/20 rule, etc. can be some of the tools to identify and remove time-wasters and it may allow one to focus on the primary responsibilities. Works Cited Peter Drucker, Dennis BAke
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