Under Time Management, we understand all measures to use the available time as productively as possible. Time management is the organization of ongoing events within a certain period of time by means of planning. In business administration, important features of planning are the subject of planning, the subject of planning, the planning data and the planning period.
The object of planning is time management, the planning subject is the worker who sets up the schedule, planning data is all the data belonging to time management, and the planning horizon that limits the temporal scope of the planning. In the context of time management, productivity is when as many tasks as possible are completed within a certain period of time without causing idle time that triggers idle costs.
Time management affects both the working time of workers and the leisure time of people. Scheduling tasks, work processes, deals, meetings, negotiations, conversations, or other appointments is one of the most important aspects of time management, with the calendar date as a point of reference. In time economics, time plays an essential role as a linear succession of measurable units of time. For the fulfillment of these events, time management must take into account a sufficient period of time. Time management is “the consistent and goal-oriented application of proven working techniques in daily practice in order to lead and organize oneself and one’s own areas of life in such a way that the available time is used sensibly and optimally”. Time management is the subject of ergonomics, work ethics, work methodology, business administration and organizational theory.
The organisations include companies, public authorities or other associations of persons. The most extensively researched is time planning in companies; it can be transferred by analogy to the other organisations. In companies, individual operational functions can be examined for typical aspects of time management:
- Procurement: The provision of raw materials, consumables and consumables within the framework of materials management must be carried out in a timely manner, especially in the case of production-synchronous procurement for just-in-time production. The main way to optimize is to shorten the storage period.
- Production: In research and development, time management primarily refers to the product development time and the determination of time to market, as well as the consideration of the product life cycle in the context of product lifecycle management. In production itself, shorter throughput times lead to shortening production processes, as do network technology and REFA work studies.
- Sales: The goals are to shorten storage time and storage intensity, optimize logistics (e.g. time slot management) and meet delivery dates.
- Financing and investment: The capital requirements must be met in a timely manner at the respective maturity dates, for this purpose a capital requirements plan is used. Timely investment planning ensures that necessary investments can be made in line with production.
- Company management: The delegation of tasks, competencies and responsibilities by managers creates freedom in one’s own time planning. Time management can help ensure that the right workers show up at the right time in the workplace.