Economics doesn’t count the ‘time’ among the factors of production so people make very little effort to see the accomplishment in a timeline or measure the success against available time. However, time is the most important resource in any kind of operation. This is because almost all other resources involved in a process can be created, acquired and replaced with other resource if a higher volume is needed but time can neither be created nor can one acquire it and replace it with a substitute from different sources. According to Peter Drucker, “Everything requires time. It is the only truly universal condition. All work takes place in time and uses up time.” The fact that all work takes place in time and uses up time crates the importance of time. And inelastic, perishable, irreplaceable, and unobtainable characteristics of the time put up the need for managing it. The ultimate result of time management of the manual workers leads to increased “efficiency”, whereas the result of time management of the knowledge workers is higher “effectiveness”. Efficiency and effectiveness are the foundation of an organization’s success and survival
Three-Step Time Management Approach
Peter Drucker suggests three-step approach of time management for executive effectiveness. This process starts with recording the time and activities one does for a specific period. Recording is done as soon as an event occurs not later from the memory of the event. The second step is systematic time management where one tries to find non-productive, time-wasting activities and avoid those activities in their schedule. In this stage, one tries to find out what happens if the activities in the schedule are not performed, what those activities contribute to the individual’s, the group’s, and the organization’s performance, if someone else (normally subordinates) can carry out those activities with the same results so that one can concentrate on more important roles, and how one can know if he/she is wasting others time and control or eliminate this wastage. Here, I think Bakke’s 80/20 rule for work responsibility will be very useful. When a knowledge worker spends 80% of his time doing his primary duty or the work assigned to him and only 20% of time working and learning other areas of responsibility, he will invest 80% of time to achieve present effectiveness and only 20% in human relation and future progress.
The final step in this approach is a consolidation of discretionary time. Drucker suggests a few ways to consolidate the time. One is working from home which will let them focus on the most important task without any interruption. This is good for senior managers, editors, and research scientists. Another way is setting a fixed day and time for operating work such as meetings, reviews and problem session.
Application of Time Management and Its Benefits
I believe that if his concept of the need for time management and ways to manage it is understood and applied in...