PREFACE
This
term paper “Time Management an effective tool in today’s business†is written
in order to help managers and also those
who are interesting in becoming good time manager to effectively utilized their
limited time. This topic is summarized the concept of time management.
Chapter two discuss about analysis of time and
chapter three talked about guide to
effective management and the use of modern technology in a business
organisation.
Time
management is a very personal thing. You must select from the dozens of suggestions
offered and tailor them to your own need.
TABLE OF CONTENT
TITLE
PAGE II
APPROVAL PAGE III
ACKNOWLEDGEMENT IV
ABSTRACT V
TABLE OF CONTENTS VII
CHAPTER ONE
INTRODUCTION 1
1.1 DEFINITION 2
1.2 TIME
AS A CRITICAL AND UNIQUE RESOURCE4
1.3 TIME
AS TACTICS 5
1.4 TIME
AS A MANAGERIAL STRATEGY
IN A
BUSINESS ORGANISATION 6
CHAPTER TWO
2.1 ANALYSIS
OF TIME 8
2.2 BUSINESS
ACTIVITIES AND TIME MANAGEMENT8
2.3 ESTABLISHING
AN ENVIRONMENT FOR A CHANGE10
CHAPTER THREE
GUIDE TO EFFECTIVE MANAGEMENT
OF TIME IN A BUSINESS ORGANISATION AND THE USE OF MODERN TECHNOLOGY.
3.1 PLANNING
AND SCHEDULING OF WORK 13
3.2 BLOCKING
MANAGING AND HANDLING OF INTERRUPTION 14
3.3 HANDLING
AND AVOIDANCE OF PROCRASTINATION16
3.4 IMPORTANT
OF ORGANIZING THE WORK PLACE17
3.5 MAKING
AND HANDLING DECISIONS 19
3.6 IMPORTANT
OF DELEGATING IN A BUSINESS ORGANIZATION. 20
3.7 MODERN
TECHNOLOGY A VITAL TOOL
TO
EFFECTIVE MANAGEMENT OF TIME
IN A
BUSINESS ORGANISATION. 23
3.8 CONCLUSION 24
3.9 BIBLIOGRAPHY. 26
CHAPTER
ONE
INTRODUCTION
Some
time, managers, business men and women pay more attention to profit they are
working in there organisation without putting into consideration time
management. They forgot that if they did not manage their time very well their
business will not effectively attain the level they wish it to attain. And as
the activities of business organisation are production, marketing management,
communication, motivation decision making and the rest of them. Non of this department
in the business organisation will effectively and efficiently believe its
objective without doing the things it ought to do at the right time. Infact no
manager can achieve his objective or the acting at the right or appointed
time.
How
time master all of us, no one seems immune to its management. Master the
problems of time having the time they need who find enough time to do what they
really wants to do. Of the thousands of managers I have polled from board,
chairman and chief executive to first line supervisors only one in a hundred has
enough time, when others have being asked how much more time they would need to
do the job, they will like to do one of ten says he would need 10% more four
says 25% and remaining half say 50%. Thus we discover the paradox of time, few
people have enough yet everyone has all there is.
Finally
there is one thing each person has exactly the same amount and that is time.
Thus the problem is not time per se. the problem lies within ourselves. The
managers, salesmen, the house wife, the professionals the workers. It is not
how much we have but rather what we do with the time we have how well we
utilize it. It and we should remember
that time well and efficiently utilize bring forth good result. And if the
managers are able to minimize interruption they can be able to control time.
1.1 WHAT
IS TIME MANAGEMENT:
Time
management means, being able to use or reduce the wasted time throughout a
business activities. It can say to also mean, being able to use the scare time
you have more effectively and efficiently.
Thus,
you will not allow yourself to get involved in daily decision because you will
not have time to manage. As a manager who wants to manage time, wil not allow
his subordinate who comes into his office with a problem to waste his time. He
can tell him wait for ten minutes. This saves time because, if he stays in his
office to settle the problem, the visitor will be in control but it goes to the
subordinate office, the manager controls for he can leave at any time phone
calling: a manager can hung him self up
at a middle of a sentence, the call will assume that the fault was phone
companies faults. We’ve already known what we should do, we‘ve simply lacked
the determination or the self discipline to do it.
Time
management is a very personal thing. You must select from the dozen’s of
suggestions offered and tailor them to your own needs. Mastering time is no
task for the faint of heart. If you are among those hardly souls resolved to
make the most of the limited time you have to manage your time more effectively.
And is you are willing to pay the price then read on some surprise lie ahead.
1.2 TIME
AS A CRITICAL AND UNIQUE RESOUCE:
Most
of us sense something else about time. It is a resource moreover it is a unique
resource. It cannot be accumulated like money or stock piled like raw material.
We are forced to spend it whether we choose to spend it or not and at a fixed
rate of 60 seconds every minutes. It cannot be turned on and off like a machine
or replace like a man. It is irretrievable as chaplain tyler put it “ time is the most inexorable
and inelastic element in our existence. We spend it like other resource. Time
is either managed effectively or it is mismanaged. As author and consultant
Peter Drucker observed “time is the scarcest resources†and unless it is managed nothing else can be
managed.
Why some companies failed after some years
is because they didn’t scarcest resources. Why some lack of appreciation of the
new demand on the time of executives in the acquiring company is one of the primary causes of failure. Note also that
the minimization of demand on executive time deserves almost as much attention
as business men now devote to profit maximization. Infact, there are many
decisions where return on time provides a more useful criterion for action than
return on capital invested. Finally time not money is companies most critical
resources.
1.3 TIME
AS A TACTICS:
Hence,
it is necessary for us to know the nature of business. The primary aim of any
business organisation is to maximize profit. In other to achieve the main
purpose of a business organisation, the
managers of the firm concern need to put many things into consideration.
The production of such goods in a production industry need to produce such
goods at the particular time and quality the organisation needed it. And the
need to produce the quality good at a lower rate and the product produced by
the company need to receive the consumer at the time the consumer needed it and
at a lower rate behind a time based strategy demands that business deliver the
most value at the least rate as rapidly as possible. So the focus of attention
must shift from rate to time.
1.4 TIME
AS A MANAGERIAL TOOL IN A BUSINESS ORGANISATION:
Since the advent of
Tylor’s scientific management principles, lead time, standard hours clocking
time, through put, velocity ratios and so on are just some of the measures
utilized in manufacturing of all resources time appears to be the least
understood and the most mismanagement. We seem to have left the ultimate
disposal of a priceless commodity unplanned and uncontrolled subject to
vagaries of chance. One reason for this oversight may be failure to recognize
that the time management is actually a misnomer. In the strict sense, one does
not manage time for the minute hand is
beyond our control. It moves
relentlessly on time passes at a predetermined rate of sixty second s per
minutes. No matter what we do them, it is a question not of managing the clock
but of managing ourselves with respect of the clock. Once we see this principle
we readily understood why the management of time brings us face to face with
what seems to be staggering array of problem.
Thus, to manage is to forecast and
plan, to organize, to command and to co-ordinate to control. And unless the managers
of an organisation manage themselves effectively no amount of ability, skill,
experience or knowledge will make them effective.
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