Time is one of the basic physical quantities. In terms of the organization and management, this is one of the sources, which all equally have, with whom it is necessary to be economical and that must be managed. Time as a non-spatial linear continuum has a capacity, i.e. as a source represents capacity restrictions for all activities, processes or projects. Time also serves as a benchmark for the distance between the events and serves as a solid framework for our activities.
Use of the time in practice: Most managerial activities works with time - it is necessary to plan in time, due to limitations of time it is necessary to organize the work, and in time to decide quickly and correctly. Magic triangle of project management talks about balancing three variables: time, quality and cost. This rule also applies to activities and processes of non-project management.
In planning and time management, time is not only a source but also a benchmark for future or past activities, or performances.
- Short-term horizon (usually weeks)
- Medium term horizon (usually months)
- Long-term horizon (usually years)
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