Strategy & Innovation

An inelastic, limiting factor, one can not rent, hire, buy or otherwise obtain more time. It’s perishable, with no price and no marginal utility curve for it; it’s irreplaceable.

Time Diagnosis – Systematic time management is essential for executive’s effectiveness. One needs to fine nonproductive, time-wasting activities, and do away with them. The diagnosis requires below questions:

1. Try to identify and eliminate time-waste activities, activities without any result.
2. Activities that can be delegated.
3. Time-waste under executive’s control  

Managing Time-Wasters (caused by management & organizational deficiency) –

1. Lack of system or foresight
2. Over staffing
3. Excessive meetings
4. Malfunction in information

Consolidating discretionary time – Executives should record and analyses his time and attempt to manage it. He should be able to find out discretionary time available to him for doing important tasks. All effective executives work on their time management perpetually “know thy time”