Question

1. Managing your time is just another way of managing __________. Fill in the blank. Also, identify one relatively non-productive use of your time and a more productive use you could swap it for.

2. Briefly explain what is meant by the ‘Opportunity Cost’ of how you choose to spend your time.

3. . What is the difference between ‘crisis management’ and ‘strategic management’ and state which tends to produce better results overall.

Answer 1

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Question:

Answer:

Managing your time is just another way of managing _task___. Time management is the strategy of planning out your available time and controlling the amount of time you spend on specific tasks in order to work more efficiently. The time management help you out to manage your life efficienty. It help you out how much time you have to spend on specific task, work or daily activities. The non-productive use of time is unnecessary gossping with friend and productive use of time is spend time on stock market trading. Spending time that add value in your life is productive and vice-versa. Opportunity cost is the loss of other alternatives when one alternative is chosen. We have limited time and resourcess and have lot of work or task to complete or finish. We can not finish all task togather so, we have to priortize the work. Time management is important because it helps you control your workday so you can build your business without compromising your work-life balance. We priortize our works/tasks distribute time accordingly. We finish those task first that are vital and add more values in our lives. Suppose i have two work to finish before 11am -first, a important meeting with client and second is team meeting. The client meeting can generate the bussiness worth of thousands of dollars for company. So, i will finish it first and if required, i will conduct my team meeting after lunch or in the evening. So, spending time on meeting is opportunity cost. Another example- A student spends three hours and $50 at the club the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. Crisis management refers to focus on threats inherent in rapidly changing environments, while strategic planning focuses on the opportunities inherent in change. So, both are different from each others. Strategic planning focuses on the opportunities inherent in change and find a opportunties in inherent in change that add value for the strategic planner. Suppose during the lockdown some compnay closed their business for few months other has change their strategy and find new opportunities and made billion of dollars like, E-commerce companies, IT companies, social site compnaies etc.

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