ACCA BT Syllabus E. Personal Effectiveness and Communication in Business - Importance of Effective Time Management - Notes ^{1 / 3}

Whatever the qualities or attributes of a successful manager, or the qualities of the people working for him or her, one essential underlying criterion is the effective use of time.

Time is a unique resource – you cannot hire, rent or buy more time.

The supply is totally irreplaceable and everything requires time.

The purpose of time management (TM) is to:

1. plan the best use of time

2. cut down on time wasted

3. devote more time to the really important issues, or jobs on hand

4. complete more in the time available.

This will allow you to:

• eliminate wastage

• refuse excessive workloads

• monitor project progress

• allocate resource (time) appropriate to a task’s importance

• plan each day/week efficiently.

The first point we have to recognise is that we are the persons responsible for the effective management of our own time.

A good place to start is to set our goals, missions and overall objectives.

We can then plan ahead and maximise our time by devoting maximum effort to activities which directly contribute to the achievement of these goals.