Time Management

Published by MBA Skool Team, Last Updated: May 13, 2020

What is Time Management?

Time management is a skill where an individual manages his or her time efficiently. Time management is an important personality trail especially which working in a company. Managing time properly increases efficiency, output and helps a person grow personally as well as professionally.

Importance of Time Management

Time management is an extremely important parameter in utilizing the existing time and ensuring maximum work is done in that period. Every individual, whether a student, professional, manager, entrepreneur or home-maker have limited time available in which multiple tasks have to be completed. Without time management, one would never be able to complete tasks in a given time period. It would also hamper the quality of output, efficiency and increase work load. Hence, time management is important in ensuring completing tasks based on priority in a limited time period. Apart from time management, the other effective skills for management are leadership, team management, good governance, decision making, effective communication etc.

Tips for Effective Time Management

Time Management

In any field of business or personal life, time management plays an important role in ensuring work is done on time and with maximum efficiency. A few important steps and tips for effective time management are as follows:

1. Set Goals: For any individual, it is important to set the final objective or goals which need to be achieved. This is the first step in effective time management.

2. Prioritize Work: Certain tasks are more important as compared to others. Hence time management involves prioritizing work and goals so that accordingly time and resources can be allocated.

3. Define Time Limits: Every task needs to be given a certain time period to be completed. Thus, defining a certain time period is required in the management of tasks to be done to achieve goals.

4. Organize Resources: Time management requires that resources which are needed to execute a task are arranged and organized. If that is not done, then there are delays and which eventually leads to incomplete tasks.

5. Delegate Work: Time management also observes that a single individual cannot perform all the tasks single-handedly. Hence delegation of work needs to be done so that workload is divided into smaller goals & tasks, and together it helps to achieve the final goals.

6. Reduce Redundancies: Based on priority, there are certain tasks which can be avoided or certain processes which are redundant. It is utmost important that the non-priority tasks and irrelevant processes are reduced.

7. Avoid Stress: Time management should be done in such a way that it creates a stress-free working environment. Based on planning and prioritizing, stressful work situations must be avoided, as stress will lead to poor efficiency and work output.

8. Pre-Plan Tasks: Planning for tasks beforehand is a thumb-rule for effective management. Any individual should not only plan for the tasks at hand, but also consider situations where there is a delay, failure or emergency task which need to be performed.

There is no single way in which a person learns effective time management but it is a gradual process which takes time to learn and develop those skills.

Advantages of Time Management

Managing time properly is an important skill which people must keep on learning in their field of work. Some of the main advantages of time management are:

1. Time management helps in increasing efficiency and motivation of people.

2. Optimal utilization of resources are done by better planning & team management.

3. Leadership skills are honed by better and efficient time management.

4. Wastage and redundant processes are reduced.

5. Time management helps in cost reduction as prioritized tasks are given preference.

6. Lesser efforts have to be done as repetitive tasks are avoided.

7. Time management reduces tasks and improved work life balance.

8. Improved efficiency at workplace helps in career development for an employee.

Disadvantages of Time Management

Effective time management is always very useful. However, sometimes time management can also lead to problems if not done correctly. Certain disadvantages are as below:

1. Unstructured planning can lead to failure of all tasks.

2. Wrongly defined goals can create improper planning and resource allocations.

3. Being too time bound can lead to mental and physical stress without taking breaks.

4. Poor time management can also increase costs, repetition in work and reduction in output quality.

Examples of Time Management

There are several ways in which time management can be useful. Examples of time management can be based on tasks being undertaken, objectives and the field or area of work. Some examples of time management are:

1. For students, time has to be managed keeping in mind the preparation for the final exams. Hence, students have to daily give time for college classes, spend some time in the library, play sports with friends, complete assignments and spend time with family. Allocating the right amount of time would help students be stress free and perform well.

2. For managers and professionals, time management is ensuring achieving daily, weekly, monthly or quarterly goals. Hence people need to plan the to-do lists, priorities tasks based on deliverables & revenue impact, acquire new skills, focus on fitness and give personal time to family. Thus, companies offer things like flextime and the working time for employees. Above that, employees are also compensated with overtime pay.

3. Another time management example is for home-makers. Women who manage households need to manage time by ensuring house hold chores are done, grocery is purchased, kids’ homework is done etc.

Thus, examples of time management are different for individuals, companies, departments etc. based on the final objectives, resources available, time frame required etc.

This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

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