The X factor - Time management

Published by MBA Skool Team, Published on October 30, 2010

Time - the most beautiful element in this whole world. It goes gradually when you are dying in anticipation, and rushes through when you want it to pause. Time is one resource which every individual and organization as a unit has the same in amount. But proper utilization of time to reap the benefits of any opportunity is the biggest challenge for everyone. This is because, time and opportunity are two factors, which once gone, never some back again.

Time management is one of the most critical factors in the success of any organization. Unfortunately, most of the organizations rather focus on technical issues like finance, marketing, strategy etc. These factors are also pivotal, but unless they are prioritized and coupled with the time factor, the entire strategy may end up in a disaster.


Time Management


The concept of Just-In-Time is based on minimizing the total process time in operations so as to maximize productivity and make the best use of available time. Continuous processes can be achieved in manufacturing plants if the time required for processes are estimated so that the next stages of production can be carried out effectively. Thus, despite an organization having great control over financial and human resources, if the time is mismanaged, the percentage of success remains negligible.

One of the most effective and simplest ways of managing your time for future projects and events, is to prepare a Gantt chart and honestly be bound by the realistic timelines set. An additional time-buffer must also be kept, to keep in mind unexpected turn of events which may delay or even reduce the time taken to complete a job. By following this simple scheduling, effective time management can be achieved there by giving priority to productive processes and adjusting non-productive activities at a different time. Similarly, organizations must teach their employees the essence of managing and utilizing their time in the correct manner, by making use of all available opportunities by exploring, observing and understanding, and doing non-productive work like compiling data, creating presentation while travelling.

One example of utter mismanagememt of time was during the preparation of the Commonwealth games for Delhi 2010. The Games were given to Delhi in 2003 to be organized in 2010. The first committee was formed in 2005, 2 years after the declaration of the event and effective work started just one year before the games, thereby crossing all deadlines, and leading to a chaotic last minute preparation. The organizing committee had all the financial and human resources, but it was the lack of time management, that led to the ruining of the development of quality infrastructure.

Individuals and organizations, are always looking for that one little spark or a moment of magic which would catapult their careers and business. But when the windows of opportunities open, they are ill-prepared on how to go about managing their time. This results in confusion and chaos, and the opportunity is either wasted, or grabbed by someone who is better at putting his priorities straight. Therefore, the golden rule for any professional to learn, perform and succeed can be done by proficiently managing only one resource - TIME.


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