Business Foundation (Task 1): Time Management in Business

This assignment, focusing on Business Foundation Task 1, delves into the critical role of time management in business operations. It begins with an introduction to time management, emphasizing its significance in enhancing organizational efficiency and individual performance. The assignment then explores the benefits of time management, highlighting how it boosts employee efficiency, promotes a healthy work environment, and motivates employees through rewards and stress reduction. It also discusses the application of time management in various fields, including academics, and outlines short-term and long-term goals for students. The assignment further examines the obstacles to effective time management, such as perfectionism, reluctance to delegate, procrastination, and fear of failure. Finally, it provides techniques to build comprehension and retention, offering practical strategies for students to improve their learning and achieve their goals. The assignment concludes by reiterating the importance of time management for a successful and stress-free life, supported by references to relevant books and journals.

BUSINESS
FOUNDATION
(TASK 1)

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Q1. Benefits of Time Management.............................................................................................1
Q2. Obstacles of effective time management..............................................................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Time management is a combination of planning and controlling the time by some specific
techniques to increase the efficiency of the organisation. Time management improves the
performance of an individual in an organisation and also motivates them to work hard to achieve
their personal goals that too in the limited time period.
Time management is a very essential key to be successful in any business. (Kim and Jung,
2016) Time management helps in project management as it helps in estimating the initialising
and completion of the project. Time management enables any individual or group of individual
to do planning, to set the organisational goals or personal goals.
TASK 1
Q1. Benefits of Time Management
Time management makes all employees more efficient and on scheduled. Employees
should plan their activities before starting it as it gives them a proper vision and also divide the
work according to time channels which will also give a motivation of doing efficiently and
effectively.(Kostova and Hult, 2016)
Managing the work environment is very important aspect of time management as all the
things in the work environment in properly arranged then no time will be wasted and that will
also create a healthy and efficient environment. For example if the office cubicle of any
employee is not arranged properly and if he needs any stationary item but couldn't find it in the
right place then he has to search it which will consume time.
Time management also motivates employees as the employees who finishes their work on
time are always appreciated by the supervisors and heads which give them more motivation to
work hard and efficiently in time of the project assigned.(Marens, 2018) The employees who
follows time management strategy are always entitled with some extra bonuses and rewards or
incentives which boost the morale of other employees to work on time.
Employees who follows Time management are always stress free and live their life in free
time with relatives and family not completing their over due work.
Time management is applicable not only in corporate world it is widely used in almost
every field. It is also used in managing studies. As time management helps the students a to
manage between studies and other activities of life. If students do not follow time management in
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studies they will not get their expected results and can also disappoint them so much. The student
who incorporate time management in studies is more likely to succeed in life as he will be more
efficient with other students who are not following it. This can help them in setting their career
path.
Effective time management in designing plan of study
Short term goal- To reduce time taken in making assignments.
This can be fulfilled by applying effective time management strategies while studying. Students
can prioritise work which needs to be finished first. They can also create schedules which can
help them in finishing work fast.
Long term goal- To improve retention power.
In this effective time management strategy like they can develop small target on which students
can work can help them in improving retention power.
Q2. Obstacles of effective time management
The acceptance of time management by people is not very difficult as they have the right
knowledge but their behaviour does not allow accepting time management. The people who
understands the importance of time management but are not able to follow it because their nature
and they try to put blame on themselves or other for not being so efficient even if they want to be
and they are always feel depressed and are not able to grow in their career. Some obstacles which
person fails to follow efficient time management are as follows-
 Some people do their task so possessively that they care too much for they small details
which no one will even notice. They will have double doubts about their work and will
recheck their work again to ensure. This all things will eventually make those persons
clearly inefficient in managing time.
 Some people think that the right way to do any work is to do it by yourself. These people
will not distribute the tasks to their subordinates and that will create delays and will lower
the productivity of the organisation. (Bray, Markham, and Cubrinovski, 2017)
 There are people who are very sturdy and try to avoid the tasks and try choosing easy
ones because of lack of motivation, lack of right command from the higher level of
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hierarchy, lack of knowledge of the task, confusion between what is important and what
is urgent, sense of feeling that they are overqualified for the task and opt not to do it.
 Inability to face the fear of failure some people start to get frustated more often and end
up getting stressed as they overthink too much that what will people think about their art
of work, these people always underestimate themselves and think that they can't do the
task which makes the organisation inefficient.
Techniques to build comprehension and retention
 The techniques which can be used by students to improve retention is read as much as
they can. This will help them in increasing their retention power. Some people are
flatterer to other employees and their bosses and they can't say no to any task ask to do by
them even if they are not competent in that task.
 Students can also make use of their prior knowledge related to subject, they can visualise
things so that it can become easy for them to retain what has been taught in class. (Li F
and et.al., 2018)
CONCLUSION
Time Management is a very crucial element for every person to perform any task, this
helps you to live a better lifestyle. Time management also helps you to overcome prevent from
stress and workload as with time management the work can be done on time with more
efficiency. The person who apply time management in life and tries to implement all the time
management strategies is more likely to be living is life happily and successfully.
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REFERENCES
Books and Journals
Bray, J.D., Markham, C.S. and Cubrinovski, M., 2017. Liquefaction assessments at shallow
foundation building sites in the Central Business District of Christchurch, New Zealand.
Soil dynamics and earthquake engineering. 92. pp.153-164.
Kavanagh D, Brigham, M. and Burton, N, 2017, July. Changing the rules of the game: recasting
the legal and ethical foundation of business and management. In 33rd European Group
of Organizational Studies (EGOS) Colloquium. Sub-theme 20: Financialization and its
Societal Implications: Rethinking Corporate Governance and Shareholders,
Copenhagen, 6-8 July 2017. European Group for Organizational Studies.
Kostova, T. and Hult, G.T.M., 2016. Meyer and Peng’s 2005 article as a foundation for an
expanded and refined international business research agenda: Context, organizations, and
theories. Journal of International Business Studies. 47(1). pp.23-32.
Li F and et.al., 2018. Moral judgement in a business setting: The role of managers’ moral
foundation, ideology, and level of moral development. Asia Pacific Journal of
Management. 35(1). pp.121-143.
Marens, R., 2018. Laying the foundation: Preparing the field of business and society for
investigating the relationship between business and inequality. Business & Society.
57(6). pp.1252-1285.
Oettingen G and et.al., 2015. Self‐regulation of time management: Mental contrasting
with implementation intentions. European Journal of Social Psychology. 45(2).
pp.218-229.
Wolters C.A, Won S. and Hussain, M, 2017. Examining the relations of time management and
procrastination within a model of self-regulated learning. Metacognition and
learning. 12(3). pp.381-399.
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