Time management refers to a range of skills, tools, and techniques used to manage time when accomplishing specific tasks, projects and goals. This set encompass 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 also. A time management system is a designed combination of processes, tools and techniques.
Some authors (such as Stephen R. Covey) offered a categorization scheme for the hundreds of time management approaches that they reviewed
- First generation: reminders based on clocks and watches, but with computer implementation possible can be used to alert of the time when a task is to be done.
- Second generation: planning and preparation based on calendar and appointment books includes setting goals.
- Third generation: planning, prioritizing, controlling (using a personal organizer, other paper-based objects, or computer or PDA-based systems activities on a daily basis. This approach implies spending some time in clarifying values and priorities.
- Fourth generation: being efficient and proactive using any of the above tools places goals and roles as the controlling element of the system and favors importance over urgency.
Some of the recent general arguments related to "time" and "management" point out that the term "time management" is misleading and that the concept should actually imply that it is "the management of our own activities, to make sure that they are accomplished within the available or allocated time, which is an unmanageable continuous resource".
Time management strategies are often associated with the recommendation to set goals. These goals are recorded and may be broken down into a project, an action plan, or a simple task list. For individual tasks or for goals, an importance rating may be established, deadlines may be set, and priorities assigned. This process results in a plan with a task list or a schedule or calendar of activities. Authors may recommend a daily, weekly, monthly or other planning periods, usually fixed, but sometimes variable. Different planning periods may be associated with different scope of planning or review. Authors may or may not emphasize reviews of performance against plan. Routine and recurring tasks may or may not be integrated into the time management plan and, if integrated, the integration can be accomplished in various ways.
A technique that has been used in business management for a long time is the categorization of large data into groups. These groups are often marked A, B, and C—hence the name. Activities are ranked upon these general criteria:
A – Tasks that are perceived as being urgent and important.
B – Tasks that are important but not urgent.
C – Tasks that are neither urgent nor important.
Each group is then rank-ordered in priority. To further refine priority, some individuals choose to then force-rank all "B" items as either "A" or "C". ABC analysis can incorporate more than three groups. ABC analysis is frequently combined with Pareto analysis.
This is the idea that 80% of tasks can be completed in 20% of the disposable time. The remaining 20% of tasks will take up 80% of the time. This principle is used to sort tasks into two parts. According to this form of Pareto analysis it is recommended that tasks that fall into the first category be assigned a higher priority.
The 80-20-rule can also be applied to increase productivity: it is assumed that 80% of the productivity can be achieved by doing 20% of the tasks. If productivity is the aim of time management, then these tasks should be prioritized higher.
Essentially, fit is the congruence of the requirements of a task (location, financial investment, time, etc.) with the available resources at the time. Often people are constrained by externally controlled schedules, locations, etc., and "fit" allows us to maximize our productivity given those constraints. For example, if one encounters a gap of 15 minutes in their schedule, it is typically more efficient to complete a task that would require 15 minutes, than to complete a task that can be done in 5 minutes, or to start a task that would take 4 weeks. This concept also applies to time of the day: free time at 7am is probably less usefully applied to the goal of learning the drums, and more productively a time to read a book. Lastly, fit can be applied to location: free time at home would be used differently from free time at work, in town, etc.
POSEC is an acronym for Prioritize by Organizing, Streamlining, Economizing and Contributing.
The method dictates a template which emphasises an average individual's immediate sense of emotional and monetary security. It suggests that by attending to one's personal responsibilities first, an individual is better positioned to shoulder collective responsibilities.
Inherent in the acronym is a hierarchy of self-realization which mirrors Abraham Maslow's "Hierarchy of needs".
PRIORITIZE-Your time and define your life by goals.
ORGANIZING-Things you have to accomplish regularly to be successful. (Family and Finances)
STREAMLINING-Things you may not like to do, but must do. (Work and Chores)
ECONOMIZING-Things you should do or may even like to do, but they're not pressingly urgent. (Pastimes and Socializing)
CONTRIBUTING-By paying attention to the few remaining things that make a difference. (Social Obligations)
