(Solution) Assignment on Time Management
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Added on 2020-12-01
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This report is on "time management & personal development". This chapter provides some guidance. The material is for the most part based on the work of an American business expert, Stephen Covey. Covey made a fortune from business self-help books and acting as a consultant to businesses. We will discuss here the Pareto principle, covey’s time management matrix, applying covey’s time management matrix. Also, this report describes the mortgage broking planning.
(Solution) Assignment on Time Management
Added on 2020-12-01
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Copyright 2015 © Mentor Education Group Pty Ltd MB9 – Time Management & Business Development PA 010615MORTGAGE BROKINGBY PETER ANDREWS I MBA, CPA, B. Economics, B. Arts Formerlecturer at Macquarie University Peter Andrews is a specialist trainer in Financial Planning. After an early career in corporate finance and banking, Peter became a lecturer at Macquarie University. He has also taught in the Graduate School of Management at the University of Sydney and the School of Banking and Finance at the University of New South Wales. Peter has a Bachelor of Arts and a Bachelor of Economics from the University of Sydney and a Master of Business Administration from the University of Florida. He is also a Certified Practicing Accountant. here are always good ways and bad ways of managing time. You can move from crisis to crisis, constantly under time pressure in a situation of continual stress with no time at all for developing either your business or your professional knowledge. Alternatively, you can work with less stress, and with adequate time for business and professional develop. The choice is up to you, although some guidance in how you should proceed may be useful. This chapter provides some guidance. The material is for the most part based on the work of an American business expert, Stephen Covey. Covey made a fortune from business self-help books and acting as a consultant to businesses. Yet, when he died recently, he was mainly remembered for his time management matrix. This is a simple tool for working out priorities and allocating resources Used properly, Cory’s time management matrix should help you to reduce stress and find more time for business and professional development. Another related issue covered in this chapter is the handling of stress. CONTENTS PLANNING TASKS .......................................................................................... 2 TIME MANAGEMENT THEORY....................................................................... 2 THE PARETO PRINCIPLE.................................................................................... 2 COVEY’S TIME MANAGEMENT MATRIX................................................................ 2 APPLYING COVEY’S TIME MANAGEMENT MATRIX.................................................. 4 THE END RESULT OF COVEY’S TIME MANAGEMENT APPROACH................................. 4 PERSONAL AND BUSINESS DEVELOPMENT ................................................... 5 GOAL SETTING............................................................................................... 5 PROVIDING QUALITY OF SERVICE........................................................................ 6 RELATIONSHIP DEVELOPMENT........................................................................... 6 PROFESSIONAL DEVELOPMENT.......................................................................... 6 HANDLING WORKPLACE STRESS ................................................................... 7 HAVE EFFECTIVE TIME MANAGEMENT................................................................. 7 PUT THINGS IN PERSPECTIVE............................................................................. 8 IDENTIFY AND TACKLE YOUR STRESS TRIGGERS...................................................... 8 Time Management & Personal Development T
10.MORTGAGE BROKINGCopyright 2015© Mentor Education Group Pty Ltd MB9–Time Management & Personal Development PA 0106152 22PLANNING TASKS An essential part of planning is to identify the tasks that have to be performed. Ideally, these should be broken down into separate steps in an action plan, with a timeframe given for each separate task. Various sources of information can be used identify the tasks that have to be performed. Job Description Details of tasks that need to be completed can often be found in a job description. This should be understood thoroughly so all required tasks are understood. Supervisor or Manager A supervisor or manager is likely to give instructions. These could come in the form of oral instructions delivered during informal discussions or more formal meetings. They could also be telephoned or sent by an e-mail or memo. Instructions should be listened to carefully anything not understood should be clarified. The timeframe for task completion should also be clarified. Standard Operating Procedures Many organisations publish manuals specifying the procedures to be undertaken to complete certain tasks and/or roles. These can be used these to assist with planning. Meetings Tasks are frequently allocated at meetings. While details are often recorded in minutes that are subsequently circulated to attendees and other stakeholders, a note should be made of any tasks that directly affect you. Later, the notes to be official minutes to ensure there is no discrepancy, all required tasks to be performed. Legal Requirements Tasks to be performed should always be checked against legal requirements such as the responsible lending provisions. Internal Audit Most large organisations use internal auditors to check that tasks have been performed properly and according to legal requirements. It is an important principle that the auditor involved in any way in the administrative processes to be reviewed. Once tasks have been identified, they should be recorded in order of performance. There are useful computer apps to do this, with the app usually being referred to as an electronic diary. Since mobile computing is also commonplace, several types of electronic diaries are available for use on laptop computers, mobile phones, and other portable devices. The software may be either proprietary or open source. TIME MANAGEMENT THEORY There is plenty of written advice about time management, but most of it is limited to creating checklists and calendars. Occasionally, however, there has been a breakthrough that has given a new insight into how we should manage our time. THE PARETO PRINCIPLE An early 20th century Italian economist,Vifredo Pareto, observed that 20% of the people of Italy held 80% of its wealth. An American time management pioneer, Dr. Joseph Juran later extended this thought to suggestthat only about 20% of the things we do produce 80% of the results we achieve. This became known as the Pareto Principle, or the 80/20 rule. The precise percentages don’t matter. What the Pareto Principle does is remind us to make sure that we spend time each day on the 20% that really matters, and that if anything is allowed to slip because of time pressure it shouldn’t be that. What really matters? You make your choice. One way of applying the Paretto Principle may be to have a list of matters that are important, no matter how apparent crises distract us from it. Meetings or phone calls that loom up suddenly and seem urgent at the time may not be really important and, if that is the case, should not be allowed to distract us from the matters that we have determined are important. Likewise, we may have to put aside “quality time” for such matters as business planning. COVEY’S TIME MANAGEMENT MATRIX Stephen Covey made a fortune from his 1989 self-help book, “The Seven Habits of Highly Effective People”. Twenty years on, few readers remember his seven habits, but most remember his time management matrix. A version of this is reproduced Figure 1.
Copyright 2015© Mentor Education Group Pty Ltd MB9–Time Management & Personal Development PA 0106153 33Figure 1: Covey’s Time Management Matrix1The matrix may be viewed in the following manner: We always have to spend time on the activities in Quadrant 1. We should spend more time on the activities in Quadrant 2. We should spend less time on the activities in Quadrant 3. We should avoid the activities in Quadrant 4. This can be applied to our own activities. For instance, at the beginning of each week we could split our activities between the four quadrants. They may then be viewed in the following manner. Quadrant 1: Urgent-Important. These are the most pressing tasks we will likely get to in the week. They are the crises that erupt. The most pressing meetings or deadlines fall into this category. Quadrant 2: Not Urgent – Important. These are the things that matter in the long-term but will yield no tangible benefits this week or even this year. They are things we know we need to get to but probably will push off. It is having a lunch with an important contact or client. This is relationship building. It could also be attending a conference to learn about some new area that you have heard a little bit about and which sounds promising but might not pan out into anything. It might be some other form of self-development such as reading a professional journal. Also important, it could be recreational exercise. We need to give time to this quadrant, spending at least 10% and as much as 30% of our day on it. People who focus on Quadrant 2: Build relationships 1Ken Krogue (2013), “Level 5 Time Management: Beyond Stephen R. Covey and Ben Franklin”, Forbes, 1 January, 2013. Write personal mission statements Set goals Exercise Are balanced and disciplined Are in control Engage in professional development More time on these activities should reduce the time we have to spend on Quadrant 1. Quadrant 3: Urgent – Not Important. These tasks are the biggest reason we are not more successful in the long-term. They take up our time today but, when we look back at these things at the end of the week, they will look like a waste of time. Why? If you consider it, you will realise that for the most part the urgency is based on the needs and priorities of OTHER PEOPLE.They are interruptions that happen, such as phone calls. They are poorly thought-out meetings that take up time. They are other activities, which seemed urgent at the time, but if we stopped ourselves to really think about we would realize they were not that important.Covey’s significant contribution is the suggestion that we should cut back on the time we devote to tasks in Quadrant 3 and shifting that time to Quadrant 2 activities. So, rather than saying “yes” to everything that comes along, we should challenge ourselves to focus on the importance of what is being asked. That means taking just a second before choosing to start a task to ask, “is this the most important thing I can be doing right now?” Quadrant 4: Not Urgent – Not Important. These things we do because we feel like we’re tired and need a break. It is looking at the Internet or checking and rechecking Facebook and Twitter during the day, because we think we might miss something. We obviously derive some pleasure from these activities, but they are really not urgent or important. Cutting back on Quadrant 4 activities is self-evident and a normal matter of workplace discipline. It is not something that Covey was really concerned about because he assumed that it was happening anyway. 10.MORTGAGE BROKING
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