Time Management: Importance of Time Managements


Time Management

‘Time and tide waits for none’ – “Time is precious than gold”

  1. Time management plays a vital role in every sphere of life in the universe. We are familiar with the proverbs ‘Time and tide waits for none’, “Time is precious than gold”. So the time is the most precious resource amongst all the resources known to mankind. Its supply is totally inelastic and it is totally irreplaceable. We should utilize our time with utmost care and should reduce unproductive demand on our time. We should stretch time available into largest possible segment of time? Dr. Fredrick Teylor, the founder of the Scientific Management observes- “Most of us can do three or four times as such as we ordinarily do without lengthening day’s end. Even if we have apparently reached our highest level of effectiveness, it is usually possible to improve by a little extra effort”. Really busy and active persons have enough time. “Time = Life, waste your time and waste your life, or master your time and master your life” said, Alan Lakein. The more time you waste, there is little left in your life. So time management is crucial to realize your dreams and fulfill your ambitions in your life. Time management is nothing but having time for everything and doing everything in time. Henry Ford, the busiest man in the world observed. “The busy man has time for everything”.

2.1 Time has the following typical characteristics

  • Time is a unique resource
  • It is available in continuous stream. It is never absent.
  • We are forced to spend it. And what is lost is lost forever.
  • There is no substitute for time.
    • It is highly inelastic.
    • It cannot be stored or accumulated.
    • It cannot be stopped or turned off/on like a machine.
    • It has got the healing effect.
    • Most critical resource, equitably distributed, but
    • Most inequitably utilized.
    • Available for all, round the clock.
    • “TIME” indeed is every-where, the world around. It is both as perpetual movement and impulses. According to Peter Drucker, “Time is the scarcest resource and unless it is managed, nothing else can be managed”.

     

    • Concentrate on results, not on being busy

    Many people spend their days in a frenzy of activity, but achieve very little because they are not concentrating on the right things.

            THE 80: 20 RULE

    This is neatly summed up in the Pareto Principle, or the “80:20 Rule”. This states that typically 80% of unfocussed effort generates only 20% of results. The remaining 80% of results are achieved with only 20% of the effort.

     Time Management

    • Some myths in Time management

      • Research into various concepts of time and their managerial implications has indicated the following myths related to time managerial effectiveness.

     

    • Decision: The higher the level at which a decision is made, the better it is. A JTO when promoted to the post of SDE, if tries to continue to make decisions like J.T.O he will fail. The decisions required for supervision of technicians, L/M and other subordinate cadres should be made by the J.T.O working under an SDE, but not by an SDE himself.

     

    3.3       Delay decision: Delay improves the quality of decision. Many managers willfully delay decision because more information may be needed. The longer a decision is delayed, the more difficult it becomes to make decision. 20% of the total facts available perhaps is sufficient for getting 60% of the outcome (Pareto Principle)

    3.4       Delegation: Delegate the powers to accomplish work without delay. In the end, effective delegation saves time, but initially it takes times for planning what should be delegated and also training staff to accept responsibilities.

     

    • Efficiency: The most efficient manger is the one who is most effective.

                 Efficiency depends upon time when the task to be accomplished is time bound.

                                   

    3.6       Hard work: The harder one works, the more he gets done, without proper planning for time investment, the hard worker winds up in the end, having done things in the least effective way.

     

    3.7       Omnipotence: By doing it yourself, tasks are accomplished faster and better. The fallacy in this reasoning is that by refusing to delegate the task to some one and not educating him to do things the right way, the manager has to do work himself since no none has learned how to do the work.

     

    3.8       Over worked executive: Many executives get illusion of indispensability along with omnipotence. They think that the organisation could not survive without their constant attention. They do a good job as the first line supervisors. Their failure to delegate effectively, forces everyone to come to them for answers to question even on smallest detail. This is another myth. Many officers complain  that they are not deputed for training, as their superiors believe that their work could not be managed in their absence.

     

    3.9       Open Door: Manager’s door be opened to those subordinates who need help. This does not mean that door should remain physically opened at all times. The always-available manager or administrator finds it impossible to do his own work, to think for his own objectives and priorities or concentrate on getting his own tasks accomplished. He finds that his time is wasted by open door policy for each and every one. An executive should plan to have specific time in which he could plan, review and think over for his own and subordinates’ targets, monitor the progress of work and improvement towards customer satisfaction.

     

    3.10    Time Saving: If we do not have a choice but to spend time at predetermined fixed rate, how can time be saved? Cutting an important conversation in the interest of meeting another dead-line may leave an outstanding problem unsolved, which may erupt in a crisis. Initiating action prematurely, without deeply pondering over the alternative course, may waste much time, effort and money in the end. It may be required at your end to furnish adequate information to (subscribers) customers regarding their complaints, so that you receive fewer calls in this regard.

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