Define and Explain the Principles of Desire,effectiveness and Analysis as They

question 61

Essay

Define and explain the principles of desire,effectiveness and analysis as they relate to time management.
A.Desire - requires that the entrepreneur recognize that he or she is a time waster,that time is an important resource,and that there is a need to change personal attitudes and habits regarding the allocation of time.Therefore,effective time management depends on the entrepreneur's willpower,self-discipline,and motivation to optimize his or her time.
B.Effectiveness - requires the entrepreneur to focus on the most important issues,even when under pressure.Whenever possible,an entrepreneur should try to complete each task in a single session,which requires that enough time be set aside to accomplish that task.This eliminates time wasted in catching up to where one left off.Although quality is of course important,perfectionism is not and often leads only to procrastination.The entrepreneur must not spend excessive time on trying to make a small improvement in one area when time would be better spent in another area.
C.Analysis - provides information to the entrepreneur about how time is currently being allocated,which will also highlight inefficient or inappropriate investments of time.The entrepreneur should track his or her time over a two week period,using a time sheet with 15-minute intervals,and then analyze how time has been spent,where time has been wasted,and how these "time traps" can be avoided in the future (using the other principles).For example,the entrepreneur should not "reinvent the wheel" in solving similar problems;rather,standardized forms and procedures should be developed for all recurring events and operations.

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Definitions:

Interest

The cost of borrowing money or the income earned from lending money, usually expressed as a percentage of the principal.

Exchange Rates

The value of one currency expressed in terms of another currency, used in international transactions and foreign exchange markets.

Foreign Exchange Loss

A decrease in domestic currency value due to holding foreign currency or financial instruments as they depreciate against the home currency.

Forward Contract

A financial instrument agreement to buy or sell an asset at a predetermined future date and price.