Time Management

Time Management skills are essential for successful people - these are the practical techniques which have helped the leading people in business, sport and public service reach the pinnacles of their careers.

The 80:20 Rule

This is neatly summed up in the Pareto Principle, or the "80:20 Rule". This argues that typically 80% of unfocussed effort generates only 20% of results. The remaining 80% of results are achieved with only 20% of the effort. While the ratio is not always 80:20, this broad pattern of a small proportion of activity generating non-scalar returns recurs so frequently as to be the norm in many areas.

If you work for an organization, calculate how much you cost it each year. Include your salary, payroll taxes, the cost of office space you occupy, equipment and facilities you use, expenses, administrative support, etc. If you are self-employed, work the annual running costs of your business.

If you work normal hours, you will have approximately 200 productive days each year. If you work 7½ hours each day, this equates to 1,500 hours in a year.

From these figures, calculate an hourly rate. This should give a reasonable estimate of how much your time is worth - this may be a surprisingly large amount

When you are deciding whether or not to take a task on, think about this value - are you wasting your or your organization's resources on a low yield task?