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TERM PAPER OF MGT-512

Topic:-Time Management

Submitted to Submitted by

Ms. Kuldeep Kaur Brishabh singh

Reg no-7450070146
Roll no-34
Section –RA17B1
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… Contents …

Topic Page No.

Introduction to Time management. 3

Iimportance of the study 3

Methodology 4-5

Myths about Time 5

Time Management Matrix 5-6

TIME WASTERS 7
Time Management Technique 7-9

Time Management Technique 9-10

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CONCLUSION

REFERENCES 12
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Time Management

INTRODUCTION:
 Time management refers to a range of skills, tools, and techniques used to manage time
when accomplishing specific tasks, projects and goals.

 This set encompasses a wide scope of activities, and these include planning, allocating,
setting goals, delegation, analysis of time spent, monitoring, organizing, scheduling, and
prioritizing. Initially, time management referred to just business or work activities, but
eventually the term broadened to include personal activities as well.

 A time management system is a designed combination of processes, tools, techniques,

and methods. Usually time management is a necessity in any project development as it
determines the project completion time and scope.

Iimportance of the study:

1. Time is limited: Time is a very special resource in that you cannot store it or save it for later.
Everyone gets the exact same amount of time each and every day. If you don't use your time
wisely, you can never get it back.

2. Time is scarce: Most people feel like they have too much to do and not enough time. Lack of
time is blamed for everything from not getting enough exercise, poor finances, unachieved goals,
too much stress, bad relationships, and even an unfulfilled life. Time management helps you use
the time that you do have in better ways.

3. You need time to get what you want out of life: You need time to do almost anything
worthwhile in life. Waiting for more free time is a loosing game that almost never results in
getting time for what you want. You need to learn how to make time for the things that are
important to you. Even if you can only afford to give a small amount of time each week to your
goals, you'd be surprised at how much progress you can make.

4. You can accomplish more with less effort: When you become more productive using
improved time management skills and tools, you can accomplish more with less effort. Reducing
wasted time and effort gives you even more productive time throughout the day. Both of these
allow you to make time for a wide range of activities that bring more balance and fulfillment to
your life.
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5. Too many choices: In this day and age, there are so many ways you can spend your time, that
you need some sort of plan to make intelligent choices.

Time management helps you make conscious choices so you can spend more of your time doing
things that are important and valuable to you.

Methodology:

Goal setting

 Goal setting is an absolute necessary method for personal planning. The process of goal
setting gives you the real picture of your life - what you are now and what you are
planning to be in the future.
 To understand which tasks are really important to you and will help you achieve success
you have to set long term goals and then subdivide them to short terms goals. Once you
did this, write all the things you have to do to reach these goals, steps you have to take
and time span necessary to act upon them.

Use a planner

 Move all these necessary activities to a planner.

 Identify the milestones.
 These should be your sub-goals.
 Specify how much time you will need to reach those milestones.
 Insert the tasks from the list you have created to the planner. Make weekly to do list
based on your planner.
 Choose no more than three to four tasks for each of your goals in a week.

Develop daily to do lists

 Your daily to do list should incorporate one or two most important activities from your
planner.
 Your daily to do list should be scheduled loosely.
 Make sure that you don't spend too much time on work related tasks.
 Over working will burn your enthusiasm quickly and bring you back to your previous life
style.
 In the beginning you might feel overwhelmed with the quantity of tasks you plan to do.
To build your self confidence and manage time efficiently choose five not so difficult
tasks each day and promise yourself that no matter what happens you will finish these
five tasks.
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 If you continue this for three weeks, it will become a part of your daily habit and build
your self trust.
 Every time during the course of the day if you have to do a task which is not from your
list, ask yourself this question, "Is this really important to my goals?" If the answer is
"Yes!" then go for it, if not get back to your list.

Time Management strategies help us to stay motivated and create a balanced lifestyle. The
above mentioned methods are effective when followed scrupulously.

Ten Myths about Time

1. Myth: Time can be managed.

2. Myth: The longer or harder you work the more you accomplish.
3. Myth: If you want something done right, do it yourself.
4. Myth: You aren’t supposed to enjoy work.
5. Myth: We should take pride in working hard.
6. Myth: You should try to do the most in the least amount of time.
7. Myth: Technology will help you do it better, faster.
8. Myth: Do one thing at a time.
9. Myth: Handle paper only once.
10. Myth: Get more done and you’ll be happier.

Time Management Matrix:

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Quadrant I:

• Represents things that are both “urgent” and “important” – we need to spend time here
• This is where we manage, we produce, where we bring our experience and judgment to
bear in responding to many needs and challenges.
• Many important activities become urgent through procrastination, or because we don’t do
enough prevention and planning

Quadrant II:

• Includes activities that are “important, but not urgent”- Quadrant of Quality
• Here’s where we do our long-range planning, anticipate and prevent problems, empower
others, broaden our minds and increase our skills
• Ignoring this Quadrant feeds and enlarges Quadrant I, creating stress, burnout, and deeper
crises for the person consumed by it
• Investing in this Quadrant shrinks Quadrant I

Quadrant III:
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• Includes things that are “urgent, but not important” - Quadrant of Deception.
• The noise of urgency creates the illusion of importance.
• Actual activities, if they’re important at all, are important to someone else.
• Many phone calls, meetings and drop-in visitors fall into this category

Quadrant IV:

• Reserved for activities that are “not urgent, not important”- Quadrant of Waste
• We often “escape” to Quadrant IV for survival
• Reading addictive novels, watching mindless television shows, or gossiping at office
would qualify as Quadrant IV time-wasters

MINOR TIME WASTERS:

• Interruptions we face during the day

• Being a slave on the telephone
• Unexpected/Unwanted visitors
• Needless reports/Junk mail
• Meetings without agenda

MAJOR TIME WASTERS:

• Procrastination
• Afraid to Delegate
• Not Wanting to Say "NO"
• Low Self-Esteem
• Problems With Objectives/Priorities

Time Management Technique:

#1: Recognize you can't do it all:

Too many of us are stretched too thin because we've bought into the myth that everyone can (and
should) do it all. We should all work full-time, spend quality time with our children and spouses
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and pets, spend time with our friends, do volunteer and committee work, get involved in causes,
work at staying fit and healthy, and spend time relaxing and rejuvenating ourselves.

This kind of balancing act is best left to the Flying Wallendas. And you know what? It doesn’t
matter. What matters is that you are healthy and happy with how you’re spending your time.
Decide what roles and activities are important to you and live your life accordingly.

#2: Prioritize:

The other part of the myth that we all can and should do it all is that everything is equally
important. It's not. Just look at your daily calendar on any given day. Is picking up the dry
cleaning really as important as that meeting with a client? No. So if you have to choose between
them, it's easy to decide to leave the day cleaning pickup for another day.

Don't just rush from task to task throughout the day. Review the list of what you have to do that
day at the day's start and then pick out the things that you 'must do' that day. (Try to keep these
'must-dos' to three or less for starters.) Then focus on getting those things done. At the end of the
day, you'll have a feeling of accomplishment, no matter what else got messed up or went wrong.

#3: Learn to say "Yes" and "No":

The inability to say "No" is the cause of an incredible amount of misunderstanding and
frustration. Instead of saying "No," people say "Maybe" or "I might be able to do that" or "I'll
see", creating the expectation that they will do whatever it is on the part of the listener and the
pressure on themselves to do it. Then when they don’t do it, the person they said "Maybe" to
instead of "No" is disappointed/annoyed/hurt.

Make it a general rule not to say "Maybe" at all when you're asked to commit to something.
Learn to make quick decisions and say "Yes" or "No" instead. And don't get hung up on
elaborating. You don’t have to give extensive reasons for your decision. A simple "No, I can’t do
that" is enough. The person you're speaking to will appreciate your honesty and your
disinclination to waste their time. And you'll be without the pressure to fit in yet another activity
or event you weren't that interested in anyhow.

#4: Unplug

Another modern myth that you have to disregard if you want to manage your time effectively is
the idiotic idea that we all have to be reachable and 'connected' all the time. We don't, and in fact,
there are times when it's important or useful to be unreachable to everyone or everything except
the person or the task immediately in front of us.
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For instance, if your child is telling you about a traumatic thing that happened to him at school
that day or you're doing an estimate for a potential customer, you need to be listening
to/communicating with the people right in front of you, not the ones calling or sending you
email.

So recognize this and 'unplug' yourself when appropriate. And make yourself the manager of
your technology rather than being managed by it. Do not read every piece of email as soon as it
comes in, for example, or feel that you have to personally answer every phone call. Don't let
incoming texts or Twitters interrupt you when you're working. Set aside particular times of day
to read or listen and respond to email and phone calls.

#5: Take time off:

Many business people in particular fall into the seven day trap. They feel that the more time they
pour into their business, the more successful their business will be. Before you know it, they're
working seven days a week every week and wondering why they feel so tired and frazzled all the
time!

And is their business more successful? Maybe. Maybe not. You see, the success of their business
depends on what they do, not on how much time they spend doing it.

Consider this analogy: if you want to learn golf and you spend eight hours a day seven days a
week golfing but are holding the club wrong every time so that every ball you hit has a
pronounced swing to the left, what happens to your golf game? It doesn't matter how much time
you put into doing something if you're not doing it right.

So incorporate time off into your schedule. When you take time off, whether it's an afternoon or
a weekend or a week, you return to your work refreshed and more productive, able to accomplish
so much more in the amount of time available.

PROBLEM

COMMON TIME MANAGEMENT PROBLEMS : PROCRASTINATION:

• Procrastination : Putting off the doing of something intentionally and habitually.

• If you suspect yourself; ask yourself – why am I putting this off?. If there is no reason.
Do it. Do not confuse reason with excuse.

• PROCRASTINATION is world’s number one time waster. Banish it from your life.
There is no time like present to do any work.

COMMON TIME MANAGEMENT PROBLEMS : POOR DELEGATION:

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• Do not spend time on a work that can be done ,to a satisfactory level, by your
subordinate.

• Delegation saves your time and develops subordinates

• Delegation improves results by making fuller use of resources

• Delegation implies transferring initiative and authority to another

COMMON TIME MANAGEMENT PROBLEMS : MEETINGS:

• Meetings are potential time wasters.

• Meetings are necessary evil; distractions from one’s regular work.

• Try to say ‘No’ to a meeting where you are not required.

• Agenda should be definite. Every one should receive the agenda and relevant papers well
in advance.

• There should be a finishing time for meeting.

THE ART OF DELEGATION:

• Delegation begins with a deep sense of the value and limits of your time.

• Managers often complain that they are running out of time when their subordinates are
running out of work.

• Delegating the more routine or predictable part of ones job is only the first step.

Delegation is not abdication. Some degree of control needs to be maintained

DIFFICULTIES IN DELEGATION:

• It’s risky.
• We enjoy doing things.
• We don’t sit & think.
• It’s a slow process.
• Like to be “top of everything”.
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• Will subordinate outstrip us?

• Nobody can do it as well as I can.
• Delegation is a great motivator. It enriches jobs, improves performance & raises
morale of staff.

COMMON TIME MANAGEMENT PROBLEMS OFFICE MIS-

MANAGEMENT:

• Develop an efficient system of office working.

• Muddle makes work and wastes time. Strive for good order in your office.
• Utilise all resources fully.
• Handle telephone properly. Don’t let it become a nuisance.
• To the extent possible, handle a piece of paper only once.

TIME EFFECTIVENESS IN OFFICES:

• Time can be wasted imperceptibly if your work area is not organised well. Your desk
should be clear of all paper except the specific job on hand. It invites you to think about
one thing at a time. Concentration is a great time saver.
• Paper work : Recommended principle is “to handle each piece of paper only once.”
• Sort papers under : FOR ACTION/ FOR INFORMATION/ FOR READING/ FOR
WASTE PAPER
• BOTTOM DRAWER

MAKE THE TELEPHONE WORK FOR YOU :

• Telephone is a great time-saving tool in right hands.

• Plan your calls.
• Set aside a period of time for making and if possible, receiving calls
• Timing for each call
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HOW TO CONTROL INTERRUPTIONS:

• Set a time limit and stick to it.

• Set the stage in advance : You are very busy with a deadline in light.

• With casual droppers-in, remain standing.

• Meet in other person’s office.

• Get visitors to the point.

• Be ruthless with time but gracious with people.

• Have a clock available .

• Use a call-back system for telephone calls.

BOSS-IMPOSED TIME:
• Time spent doing things we would not be doing if we did not have bosses.

• Keeping bosses satisfied takes time, but dealing with dissatisfied bosses takes even more
time.

• Failing to invest sufficient time to satisfy bosses always results in more & more boss-
imposed time. With lesser time for others.

CONCLUSION:
”To utilise the available time in optimum manner to achieve one’s personal and
professional goals”

REFERENCES:
1. http://www.oppapers.com/essays/Time-Management/40851?topic
2. http://www.allfreeessays.com/topics/swot-analysis-of-brokerage-
firms/150
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3. http://sbinfocanada.about.com/od/timemanagement/a/getmoretime.htm
4. http://www.lifeorganizers.com/cm_articles/49_effective_time_managem
ent_methods_625.html