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(Solution) Assignment on Time Management

Added on - 01 Dec 2020

Time Management & Personal Development

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.

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Copyright 2015 © Mentor Education Group Pty LtdMB9 – Time Management & Business Development PA 010615MORTGAGE BROKINGBY PETER ANDREWS I MBA, CPA, B. Economics, B. ArtsFormerlecturer at Macquarie UniversityPeter Andrews is a specialist trainer inFinancial Planning.After an early career in corporate financeand banking, Peter became a lecturer atMacquarie University.HehasalsotaughtintheGraduateSchool of Management at the Universityof Sydney and the School of Banking andFinance at the University of New SouthWales.PeterhasaBachelorofArtsandaBachelorofEconomicsfromtheUniversityofSydneyandaMasterofBusinessAdministrationfromtheUniversityofFlorida.HeisalsoaCertified Practicing Accountant.here are always good ways and bad ways of managing time. You canmovefromcrisistocrisis,constantlyundertimepressureinasituation of continual stress with no time at all for developing eitheryour business or your professional knowledge. Alternatively, you can workwith less stress, and with adequate time for business and professionaldevelop. The choice is up to you, although some guidance in how youshould proceed may be useful.This chapter provides some guidance. The material is for the most partbased on the work of an American business expert, Stephen Covey. Coveymade a fortune from business self-help books and acting as a consultant tobusinesses. Yet, when he died recently, he was mainly remembered for histime management matrix. This is a simple tool for working out prioritiesand allocating resourcesUsed properly, Cory’s time management matrix should help you to reducestress and find more time for business and professional development.Another related issue covered in this chapter is the handling of stress.CONTENTSPLANNING TASKS ..........................................................................................2TIME MANAGEMENT THEORY....................................................................... 2THE PARETO PRINCIPLE.................................................................................... 2COVEYS TIME MANAGEMENT MATRIX................................................................ 2APPLYING COVEYS TIME MANAGEMENT MATRIX.................................................. 4THE END RESULT OF COVEYS TIME MANAGEMENT APPROACH................................. 4PERSONAL AND BUSINESS DEVELOPMENT................................................... 5GOAL SETTING............................................................................................... 5PROVIDING QUALITY OF SERVICE........................................................................ 6RELATIONSHIP DEVELOPMENT........................................................................... 6PROFESSIONAL DEVELOPMENT.......................................................................... 6HANDLING WORKPLACE STRESS................................................................... 7HAVE EFFECTIVE TIME MANAGEMENT................................................................. 7PUT THINGS IN PERSPECTIVE............................................................................. 8IDENTIFY AND TACKLE YOUR STRESS TRIGGERS...................................................... 8Time Management & PersonalDevelopmentT
10.MORTGAGE BROKINGCopyright 2015© Mentor Education Group Pty LtdMB9–Time Management & Personal Development PA 010615222PLANNING TASKSAn essential part of planning is to identify the tasks thathave to be performed. Ideally, these should be brokendownintoseparatestepsinanactionplan,withatimeframe given for each separate task.Various sources of information can be used identify thetasks that have to be performed.Job DescriptionDetails of tasks that need to be completed can often befound in a job description. This should be understoodthoroughly so all required tasks are understood.Supervisor or ManagerA supervisor or manager is likely to give instructions.Thesecouldcomeintheformoforalinstructionsdelivered during informal discussions or more formalmeetings. They could also be telephoned or sent by ane-mail or memo.Instructions should be listened to carefully anything notunderstood should be clarified. The timeframe for taskcompletion should also be clarified.Standard Operating ProceduresManyorganisationspublishmanualsspecifyingtheprocedures to be undertaken to complete certain tasksand/or roles. These can be used these to assist withplanning.MeetingsTasksarefrequentlyallocatedatmeetings.Whiledetailsareoftenrecordedinminutesthataresubsequentlycirculatedtoattendeesandotherstakeholders, a note should be made of any tasks thatdirectlyaffectyou.Later,thenotestobeofficialminutes to ensure there is no discrepancy, all requiredtasks to be performed.Legal RequirementsTaskstobeperformedshouldalwaysbecheckedagainstlegalrequirementssuchastheresponsiblelending provisions.Internal AuditMost large organisations use internal auditors to checkthat tasks have been performed properly and accordingto legal requirements. It is an important principle thatthe auditor involved in any way in the administrativeprocesses to be reviewed.Oncetaskshavebeenidentified,theyshouldberecordedinorderofperformance.Thereareusefulcomputer apps to do this, with the app usually beingreferredtoasanelectronicdiary.Sincemobilecomputingisalsocommonplace,severaltypesofelectronicdiariesareavailableforuseonlaptopcomputers, mobile phones, and other portable devices.The software may be either proprietary or open source.TIME MANAGEMENT THEORYThereisplentyofwrittenadviceabouttimemanagement,butmostofitislimitedtocreatingchecklists and calendars. Occasionally, however, therehas been a breakthrough that has given a new insightinto how we should manage our time.THE PARETO PRINCIPLEAn early 20th century Italian economist,Vifredo Pareto,observed that 20% of the people of Italy held 80% of itswealth. An American time management pioneer, Dr.Joseph Juran later extended this thought to suggestthatonly about 20% of the things we do produce 80% of theresults we achieve.ThisbecameknownastheParetoPrinciple,orthe80/20 rule.The precise percentages don’t matter. What the ParetoPrinciple does is remind us to make sure that we spendtime each day on the 20% that really matters, and thatif anything is allowed to slip because of time pressure itshouldn’t be that.What really matters? You make your choice. One way ofapplying the Paretto Principle may be to have a list ofmatters that are important, no matter how apparentcrises distract us from it. Meetings or phone calls thatloom up suddenly and seem urgent at the time may notbe really important and, if that is the case, should notbe allowed to distract us from the matters that we havedetermined are important. Likewise, we may have toput aside “quality time” for such matters as businessplanning.COVEY’S TIME MANAGEMENT MATRIXStephen Covey made a fortune from his 1989 self-helpbook, “The Seven Habits of Highly Effective People”.Twentyyearson,fewreadersrememberhissevenhabits,butmostrememberhistimemanagementmatrix. A version of this is reproduced Figure 1.
Copyright 2015© Mentor Education Group Pty LtdMB9–Time Management & Personal Development PA 010615333Figure 1: Covey’s Time Management Matrix1The matrix may be viewed in the following manner:We always have to spend time on the activities inQuadrant 1.We should spend more time on the activities inQuadrant 2.WeshouldspendlesstimeontheactivitiesinQuadrant 3.We should avoid the activities in Quadrant 4.This can be applied to our own activities. For instance,atthebeginningofeachweekwecouldsplitouractivities between the four quadrants. They may thenbe viewed in the following manner.Quadrant1:Urgent-Important.Thesearethemostpressing tasks we will likely get to in the week. They arethe crises that erupt. The most pressing meetings ordeadlines fall into this category.Quadrant 2: Not Urgent – Important.These are thethings that matter in the long-term but will yield notangible benefits this week or even this year. They arethings we know we need to get to but probably willpush off. It is having a lunch with an important contactor client. This is relationship building. It could also beattending a conference to learn about some new areathat you have heard a little bit about and which soundspromising but might not pan out into anything. It mightbesomeotherformofself-developmentsuchasreading a professional journal. Also important, it couldbe recreational exercise.We need to give time to this quadrant, spending at least10% and as much as 30% of our day on it. People whofocus on Quadrant 2:Build relationships1Ken Krogue (2013), “Level 5 Time Management: Beyond StephenR. Covey and Ben Franklin”,Forbes, 1 January, 2013.Write personal mission statementsSet goalsExerciseAre balanced and disciplinedAre in controlEngage in professional developmentMore time on these activities should reduce the timewe have to spend on Quadrant 1.Quadrant 3: Urgent – Not Important.These tasks arethe biggest reason we are not more successful in thelong-term. They take up our time today but, when welook back at these things at the end of the week, theywill look like a waste of time. Why? If you consider it,you will realise that for the most part the urgency isbasedontheneedsandprioritiesofOTHERPEOPLE.They are interruptions that happen, such asphone calls. They are poorly thought-out meetings thattake up time. They are other activities, which seemedurgent at the time, but if we stopped ourselves to reallythinkaboutwewouldrealizetheywerenotthatimportant.Covey’s significant contribution is the suggestion thatwe should cut back on the time we devote to tasks inQuadrant3andshiftingthattimetoQuadrant2activities. So, rather than saying “yes” to everythingthat comes along, we should challenge ourselves tofocus on the importance of what is being asked. Thatmeans taking just a second before choosing to start atask to ask, “is this the most important thing I can bedoing right now?”Quadrant 4: Not Urgent – Not Important.These thingswe do because we feel like we’re tired and need abreak.ItislookingattheInternetorcheckingandrecheckingFacebookandTwitterduringtheday,becausewethinkwemightmisssomething.Weobviously derive some pleasure from these activities,but they are really not urgent or important.Cutting back on Quadrant 4 activities is self-evident andanormalmatterofworkplacediscipline.ItisnotsomethingthatCoveywasreallyconcernedaboutbecause he assumed that it was happening anyway.10.MORTGAGE BROKING
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Time Management Theory

From the above report "time management theory", we conclude that an essential part of planning is to identify the tasks that have to be performed. Stephen Covey made a fortune from his 1989 self-help book, “The Seven Habits of Highly Effective People”. We have discussed here personal and business development, goal-setting, providing quality of service, relationship development, professional development, handling workplace stress, have effective time management, put things in perspective, and identify and tackle your stress triggers. Standard operating procedures many organizations publish manuals specifying the procedures to be undertaken to complete certain tasks and/or roles. These can be used to assist with planning.