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Time management is the process of organizing and planning how much time you spend on specific activities. Its use provide greater productivity and efficiency, a better professional reputation, less stress, increased opportunities for advancement and greater opportunities to achieve important life and career goals.
Failing to manage your time effectively can have some very undesirable consequences, such as, missed deadlines, inefficient work flow, poor work quality, a poor professional reputation and a stalled career and higher stress levels.
Some skills required for effective time management are: setting clear goals, breaking your goals down into discreet steps, reviewing your progress, prioritising (focusing on urgent and important tasks rather than those that are not important or don't move you towards your goals), organising your work schedule, list making (to remind you what you need to do and when), persevering when things are not working out and avoiding procrastination.
Find more about Time Management here: http://www.kent.ac.uk/careers/sk/time.htm