Time value of time
The conventional project management teaches us about the time value of money. In a nutshell, it advocates the wisdom of investing money in a project, which will bring in more returns than just investing money in bank (NPV- Net Present Value), and the underlying theme is time value for money. During my client engagements, these days I do not see much shortage of money but can see lot of shortage for TIME!. It is high time, to start doing the cost benefit analysis for every major activity we perform. We can achieve a very high 'time value' by;
1) Asking the following questions, before taking up any activity;
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If I do not do this, what is the impact? Is there anyone else in the organization, who can do this activity?
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Is there anyone else who can do this, at a lesser cost?
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If I delegate this to some one, will it add to his/her experience?
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Is there any other activity I can do, which will bring in more returns?
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If I start this, will I be able to complete it? or will it be a work in progress for ever, due to other priorities?
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What is the probability of success?
2) Map it to Stephen Covey's four quadrants
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Is this urgent and important?
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Is this urgent and not important?
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Is this not urgent and important?
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is this not urgent and not important?
These steps will help you invest your time wisely. Remember, it is in short supply ! If you have not read the book 'Seven habits of highly effective people' by Stephen Covey, I strongly recommend it to you.
" Invest your time wisely. Invest only in those areas, which will give you maximum returns. Remember, time is in short supply in the 21st century. Whoever makes the best returns out of it will emerge as the winner. "
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