Business Financial Planning – Lesson 1

1.01: Utilize Critical Thinking Skill to determine best options/ outcomes

Objective : Use Time Management Skills

A daily "To Do" list - contains the activities that a person plans to accomplish the next day rather than in the next month. This list should be prepared at the end of one day for the next day and should be based on the activities that appear on a weekly master list, activities that were previously scheduled for the upcoming day, and new activities that have surfaced during the day and must be completed the next day.

Time management - Organizing the workday and setting goals and priorities should improve overall job performance. Although it may be necessary to delegate some responsibility, it is seldom advisable to delegate all responsibility. Not being able to get the work done would not necessarily mean that s/he worries too little about the job; it could mean that s/he already worries too much.Methods that are successful for one worker may not be helpful to another.

Characteristics of Time - Supply stays the same. No matter what we do, we cannot expand the day beyond 24 hours. Since the supply of time is fixed, we have to use it efficiently.

Delegating activities - Julie is delegating, or giving, one of her duties to another capable employee.She is not procrastinating, or postponing, the job because another employee is doing the job. Setting objectives involves establishing goals to be met. Standardizing tasks creates a method of performing a duty that will stay the same.

ABC METHOD: A system of classifying stock according to its contribution to company profits; "A" itemscontribute most, "B" items less, and "C" items least of all.

TIME MANAGEMENT: The process of controlling events in order to accomplish priorities.

STRESS: A mental, physical, or emotional feeling of pressure or tension.

PROCRASTINATION: Putting off until tomorrow what could have been done today.

TO-DO LIST: A list of activities that an individual plans to accomplish during a certain period of time.