Sofia University
Faculty of Economics and Business
Administration
Time Management
11 March, 2009
Presentation by
Kenneth Lefkowitz
Managing Partner
New Europe Corporate Advisory Ltd.
www.necadvisory.com
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Table of Contents
Section 1
Covey’s time management quadrant
Section 2
The 80/20 principle
Section 3
The KISS principle
Section 4
Project management principles
Section 5
Personal examples
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Abandon your urgency addiction
Covey’s time management quadrant
Do not procrastinate important, but not urgent tasks
Urgency crowds out importance:
Do not procrastinate activities which are important but not urgent.
They make the real difference in our lives and careers.
Such activities among others are:
Personal development;
Planning and organizing;
Self care (socializing, sports, family);
Exploring new opportunities.
Excellence is a habit:
For seven days keep a log on your daily activities.
1) Draw Covey’s 4 Quadrants;
2) Every 30 minutes write your activity in the appropriate quadrant.
3) Always schedule the important things first.
4) Allow yourself some time for recreation.
5) Squeeze all the rest in the time left:
- check your mail or answer calls just twice a days;
- skim more, read less;
- cut on dull long conversations;
- donate your TV set to your grandmother.
3
80% of the effects come from 20% of the causes
80-20 Rule (Pareto Principle)
Filter in what is important
Keys to success:
Successful
people
are ready to die on the treadmill!!!
1. Do not die on
the treadmill;
2. Be selective about projects and partners based on likelihood of success;
3. Ration your time to those projects;
• Margaret Thatcher used to sleep 3 hours a day.
4. Good is good enough: Focus more, do less;
5. Do not get unnecessarily sidetracked. Limit the number of relationships you have to those
that make sense;
• Will Smith said he would rather die than be out-worked.
6. Avoid interruptions during your peak hours;
7. When doing hard projects which you really do not feel like doing now, or tomorrow, or the
next 100
years, focus
on those 20% of
the project
that make
younever
like thesleeps.
project. If
• The
billionaire,
philanthropist
Bruce
Wayne
almost
possible, start with them. This will give you enough impetus to carry forward.
Are you ready to die on the treadmill?
4
Complexity has a cost
The Kiss Principle
Unnecessary complexity is a significant time-waster
The KISS (Keep It Simple, Stupid) Principle is one of the leading principles in the world’s
top governmental and non-governmental consultancies.
Often, when you are out to get a consultancy mandate, you have just a few hours to figure out
your client’s business problems and to suggest a course of action. No time for complexity.
When you consult top government officials, you are lost if you cannot make your case using just
a calculator and a sheet of paper.
Before you get hired at McKinsey, you would have to solve a few problems thinking on your feet
(no calculators allowed, ladies and gentleman). The same also applies to other major
consultancies and even to some EC examinations.
Why beware of too much complexity?
Complexity takes time – your time and your client's time. Do not use complexity as make-up; if it
offers no or little substance, discard it.
When you become successful, your time is your money and your personal life. If you are ready
to pay with both to go an extra mile in terms of complexity, then do it; otherwise, duly value your
time.
5
John Strock’s Triangle
Project Management Principles (1/3)
Perfection = 3
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Know what you are doing
Project Management Principles (2/3)
Define requirements to avoid wasted effort
Define requirements:
1. Divide the task into its component stages;
2. Determine the relationships between the stages (e.g. precedents, antecedents);
3. Detremine the critical path;
4. Determine the time and resources required for each stage;
5. Ask your customers what do they want.
Repeat requirements and ask questions:
1. Misunderstandings occur very often;
2. Misunderstandings waste effort, time, and money.
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Point of Production & Six Sigma
Project Management Principles (3/3)
Focus on the point of production
Quality improvements can be made without sacrificing time through analysis and
choice of organizational structure
Focus on the point of production:
Passing problems down the assembly line wastes time.
Six Sigma:
Create an organizational structure focused on quality control.
Measurement, analysis, and improvement are an integral part of better quality at fixed time:
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Ken’s time management strategy
Personal examples
Focus on the likely money.
Set time for personal life.
Keep a bi-weekly calendar.
Delegate tasks which lose more of your than your colleagues’ time.
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Ken’s time management strategy
Bi-weekly calendar
Distribute time among tasks
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Ken’s time management strategy
Bi-weekly calendar
Draft a calendar
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Internships at NECA
Give us a call
We look for summer interns to:
Assist the NECA deal team in analyzing potential M&A,
financing, and other transactions; offer support in the
preparation of financial models, valuations, and
benchmarking; do research.
We are looking forward to hearing from you!
e-mail:
telephone:
hr@necadvisory.com
988 73 90
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