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Time Management Theory

Time is one of those few words in the English language which everyone is familiar with but often hard put to define. Although the concept of time is universal each person has his or her own particular definition. The time management theory aims to provide these definitions. According to the time management theory, the number of definitions associated with time is:

Time is money: This adage is as true as it is old. People must realize that it is valid for their time as well as for the time of their organization. Lateness in getting a project completed or a decision made can result in a substantial decline in profits for an individual or an organization.

Time is irreversible: According to the time management theory, another definition of time is that it is irreversible. Time once lost cannot be reclaimed. Hence, lost time represents lost opportunity.

Time is equal for all: Although people are not born with equal abilities or opportunities, they have the same 24 hours a day, seven days a week, 52 weeks a year, and so on, available to them. The issue then becomes one of how that time is managed.

Time Management theory must also answer the question: Is time management worthwhile?

People must first recognize that time is their most precious resource. Time is money, and just like money, one must invest some in order to earn some at a later time. It is a very worthwhile investment because effective time utilization is likely to result in:

• A greater likelihood of an organization meeting its objectives effectively;

• Greater devotion to important long-run managerial issues rather than to short-run issues;

• Better-developed managers; and

• Reduced stress, tension and anxiety.

Most people think of time management theory as an exercise in developing a list of priorities. Although prioritizing one’s task involves goal setting, which is motivational in itself, it does not enable managers to practice the key aspect of time management theory- controlling one’s time. It is therefore useful to examine time management on two levels: (1) the amount of time that a manager possesses; and (2) the manner in which the manager utilizes his or her discretionary time.

To illustrate this notion, imagine that you have a given amount of time. Your goal is to either expand the amount of time, or at worst, prevent that amount of time from shrinking. This new amount of time is the manager’s discretionary time; the manager can then attempt to utilize it as efficiently as possible.

Clearly, the former aspect of time management theory- expanding one’s amount of time- is more indicative of gaining control of one’s time and is significantly more important than the latter aspect- utilizing one’s discretionary time. Time management theory often stresses on this aspect of time management. Perhaps this is because the skills involved in controlling time- developing communication and problem solving capabilities, i.e., ‘thinking’- are much more difficult to learn than are the skills involved in utilizing a list of activities or following steps mechanically, i.e.,’ doing’.

Time management theory gives some suggestions for utilizing discretionary time more efficiently. These include:

• Clean up your work space.

• Clarify your objectives.

• Establish priorities.

• Get through your paperwork as quickly as possible.

• Group similar tasks together.

• Break up large tasks into smaller tasks.

• Use tidbits of time efficiently.

• Recognize your productive hours.

• Reduce interruptions and time leaks.

• Avoid perfectionism.

• Learn to say ‘no’.

• Reward yourself

In summary, it should be noted that time management involves getting control of one’s time. Before people attempt to utilize their time more efficiently by prioritizing their tasks, they should take steps to expand the amount of discretionary time, thereby controlling their time.