KFA Business School & IT

(Affiliated to Lincoln University College)

Mid-Baneshwor, Kathmandu

A Diagnosis Paper
On

“Time Management”

Submitted By
Usha Shrish
LUC No:

Submitted To
Mr. Sanjeev Pradhan
April, 2020
 ACKNOWLEDGEMENT

I would like to express my gratitude and appreciation to those who gave me the possibility to
complete this diagnosis paper on the topic of “Time Management.”

First and foremost, I am very grateful to Mr. Sanjeev Pradhan, who gave me this opportunity
to write on this particular topic. I would also like to acknowledge with much appreciation to
KFA Business School for giving me this opportunity.

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 ABSTRACT

Organizational time management is the science of identifying, valuing and reducing time cost
wastage within organizations. It identifies reports and financially values sustainable time,
wasted time and effective time within an organization and develops the business case to
convert wasted time into productive time through the funding of products, services, projects
or initiatives at a positive return on investment.

Time management systems often include a time clock or web-based application used to track
an employee's work hours. Time management systems give employers insights into their
workforce, allowing them to see, plan and manage employees' time. Doing so allows
employers to control labor costs and increase productivity. A time management system
automates processes, which eliminates paper work and tedious tasks. The timing of tackling
tasks is important as tasks requiring high levels of concentration and mental energy are often
done in the beginning of the day when a person is more refreshed. Literature also focuses on
overcoming chronic psychological issues such as procrastination.

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ACKNOWLEDGEMENT ...................................................................................................................... 2
ABSTRACT ............................................................................................................................................ 3
CHAPTER 1: INTRODUCTION ........................................................................................................... 5
1.1 Definition ...................................................................................................................................... 5
1.2 Characteristics ............................................................................................................................... 5
1.3 Problem Related to Time Management ........................................................................................ 6
CHAPTER 2: .......................................................................................................................................... 9
2.1 Introduction ................................................................................................................................... 9
2.2 Objectives ..................................................................................................................................... 9
CHAPTER 3: PROBLEM IDENTIFICATION ................................................................................... 10
3.1 Challenges of the Company ........................................................................................................ 10
3.2 Solutions ..................................................................................................................................... 12
CHAPTER 4: CONCLUSION.............................................................................................................. 13
REFERENCES ..................................................................................................................................... 14

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 CHAPTER 1: INTRODUCTION
1.1 Definition

Time management is the process of planning and exercising conscious control of time spent
on specific activities, especially to increase effectiveness, efficiency, and productivity. It
involves a juggling act of various demands upon a person relating to work, social
life, family, hobbies, personal interests and commitments with the finiteness of time. Using
time effectively gives the person "choice" on spending/managing activities at their own time
and expediency. Time management may be aided by a range of skills, tools, and techniques
used to manage time when accomplishing specific tasks, projects, and goals complying with a
due date. Initially, time management referred to just business or work activities, but
eventually the term broadened to include personal activities as well. A time management
system is a designed combination of processes, tools, techniques, and methods. Time
management is usually a necessity in any project development as it determines the project
completion time and scope. It is also important to understand that both technical and
structural differences in time management exist due to variations in cultural concepts of time.

The major themes arising from the literature on time management include the following:
• Creating an environment conducive to effectiveness
• Setting of priorities
• The related process of reduction of time spent on non-priorities
• Implementation of goals

1.2 Characteristics

Everyone gets the same amount of time each day, but some people manage to accomplish
much more than others. Successfully managing your time requires following five simple
steps. Decide what you need to do, figure out how you'll do it, pick a time to begin, start and
see it through to the end. Make the most of each day by mastering the six characteristics of
successful time management: be organized, adaptable, prepared, realistic and persistent and
focused.

1. Get Organized
Take time to organize your thoughts and your work area. People are generally more
productive once everything is sensibly straightened. Among Stanford University's time
management tips, it suggests handling each piece of paper only one time. For example, don't
toss letters and memos aside or sweep them into a "to do" pile. Instead, invent a logical filing
system and make sure each paper goes where it belongs.

2. Be Adaptable
Time management isn't about adhering to a strict schedule with no room for error. You'll
need to expect the unexpected and go by a schedule that allows you to roll with the punches.
For instance, carry your materials with you, so if your car won't start one morning, you can

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work from home without falling behind. In January 2013, Forbes published Benjamin
Franklin's methods for time management, which included always searching for methods of
doing things faster and better.

3. Stay Prepared
It's not enough to accommodate sudden issues. To successfully manage your time, you'll need
to be proactive rather than just reactive. Prepare for potential obstacles and have a backup
plan in mind. For instance, it may not be realistic to write a research paper in two days.
Preparation may require breaking the paper into three tasks, like research, rough draft and
edits, with a deadline of three days.

4. Be Realistic
Chances are, you won't meet every goal you set. If a particular goal is too far-fetched, try
being more realistic about it. For example, plan for double the amount of time you think it
will take to complete tasks. Iowa State University suggests starting projects early and
delegating minor duties whenever possible. If you're getting your restaurant ready for an
inspection, for instance, you may have chefs double-check the kitchen areas while you
prepare the paperwork.

5. Be Persistent
Having goals as the end result may not make you successful at time management, but
establishing clear priorities will help. If work is more important than gossiping with friends, it
should be obvious when to put away the phone. Stick to your priorities and don't let the idea
of multitasking fool you. "Money Crashers" hints that some people are less effective when
they multitask, causing all of their work to take a hit.

6. Stay Focused
Among Benjamin Franklin's time management methods noted in Forbes, one recommended
forgetting about distractions that don't mesh with your goals. Pick specific times to block out
the world and focus your energy. If someone knocks on the door, for instance, tell them you'll
be available in 20 or 30 minutes. It's impossible to eliminate all interruptions from your life,
but you can work to reduce them by learning to say no.

1.3 Problem Related to Time Management

The issues of job stress, time management and balancing one’s personal and professional life
is a significant dilemma in today’s society. The basis for time management rests on
effectiveness of time spending and dominance on time is the only secret of human success.

Time is ticking away yet we are still working on the same task. You know we are way behind
schedule and that there are many “less important” tasks you need to deal with on the way.

Most of us have been in this kind of situation at least once in our lifetimes. Despite our best
efforts to efficiently organize our time, stay on top of our schedule and successfully complete
all of our tasks, we still find it hard to keep things under control. So, instead of creating

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endless to-do lists, take some time to identify the root of your time management problem.
What are you doing wrong and where is your time slipping away?

Let’s take a look at 10 common mistakes that disturb your workflow and prevent you from
staying within timelines.

1. Failing to prioritize
Identifying our top priority tasks can be overwhelming if most of our tasks require the same
level of dedication. For example, we have just started working on a high-priority task and we
are in the middle of brainstorming some brilliant ideas with our team when one of our
colleagues steals our attention by pointing out that we need to refocus on an urgent issue that
has just come up. Be mindful that this kind of situation is unavoidable and there will always
be some time eaters we will have to deal with. Learning how to prioritize is a process and we
will need time and experience to find out the most efficient technique, that is, the one that
works best for us.

2. Starting your day late

All your efforts to seamlessly complete our daily tasks regardless of how demanding they are
will fall flat if we don’t start our day early. All the big visionaries and most influential leaders
share one thing in common: they get up early to do their high-value tasks. Starting our day
late triggers a domino-effect. We will have to reschedule most of your tasks and we will feel
rushed throughout the day.

3. Ineffectively scheduling tasks

The level of our productivity does not only change from day to day, depending on a number
of factors, but it also varies from person to person. While some people are at the peak of their
productivity the moment they open their eyes in the morning, others tend to show their
maximum potential once the sun sets. The easiest way to balance our time is to find out what
our peak time is and allocate that time for doing top-priority work instead of spreading it on
completing some less important, repetitive tasks.

4. Procrastinating
Procrastination is probably our worst enemy. There is nothing more detrimental to our
concentration and true potential than going around in circles and making excuses about not
getting down to real work. Not only does it create a huge backlog but it also makes us feel
guilty about not having started our work, especially if it is urgent. The best way to avoid this
scenario is to devote a small amount of our time to start the task. This will trigger our
imagination, draw our attention and soon we will be entirely involved in the project.

5. Failing to manage numerous distractions

While a variety of communication channels and social media platforms allow us to
communicate more easily, they are also the main cause of distraction we experience both in
life and business. Whether it’s the phone that keeps ringing or notifications that we keep
getting from either chat or social media groups, they interrupt our workflow and break our

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creative process. Turn off all the notifications and chat, schedule time free from interruptions,
an hour or two, and minimize the time we spend on things that don’t have much impact on
our work.

6. Undervaluing the time something will take to finish

One of the most common pitfalls most ambitious people tend to make is to miscalculate the
time and energy they will need to complete a particular task. This behavior is typical of A-
type overachievers who think they can keep everything under control and never turn down an
opportunity no matter how demanding it is.

7. Multitasking
Striving to become proficient at what we do, we usually fall into the trap of multitasking.
Theoretically, multitasking is feasible if we have to get on top of our workload. However,
doing many things at the same time prevents us from focusing on all of our tasks equally and
takes much more of our time than completing our tasks in a sequence. In other words, if we
want to be good at multitasking we need to be super-organized and maintain a high level of
concentration, creativity, and precision.

8. Being busy vs being effective

As much as we would like to stay focused on the high-value work, we sometimes lose track
and find ourselves doing a bundle of low-priority things that not only eat our energy and time
but also have little or no impact on the final outcome we’re trying to achieve.

9. Being a perfectionist
Our entire life is a learning process. Every time we dive into a new project, we face a number
of hurdles, but we also learn how to jump over them along the way. While we should strive
towards getting the best performance, we need to keep in mind that wedon’t have the luxury
to complete every task to perfection.

10. Skipping on breaks

This may sound counterproductive but it’s really important to incorporate into our daily
routine to see the results in the long run. No matter whether we are working on urgent tasks
or completing some minor errands, setting some time aside to have a break is simply an
imperative. According to a study conducted by Draugiem Group, our brains simply weren’t
built to focus for eight-full hours. The only reasonable solution is to step away and do
something not related to our job – eat, go for a quick walk, exercise, or simply do nothing and
relax. This should help us to clear our thoughts and gain more psychological energy for the
work to come.

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 CHAPTER 2:
F1SOFT INTERNATIONAL PVT. LTD.

2.1 Introduction
F1Soft International Pvt. Ltd. is a company working in the field of software development and
IT services since 2004. Over the years, it has streamlined the range of services by focusing on
developing transaction banking products and has evolved into a FinTech (Financial
Technology) company. The acclaimed products include Mobile Banking System, Internet
Banking System, Tab Banking System, Cards Management System, Digital Wallet and
Online Payment Gateway. It is the pioneer in introducing mobile banking and mobile
financial services in Nepal and leads the market with almost 90% of Nepal’s financial
institutions using at least one of its transaction banking products.

The company currently employ over 200 people with expertise and competence in technology
and management. Its efforts in FinTech innovation have been duly recognized by various
national and international bodies including the 2014 International Business Awards (Bronze),
2013 FNCCI Service Excellence Award and the 2012 Red Herring Top 100 Asia Award.
It is also working with the Government of Nepal and a few other organizations to identify and
develop solutions that benefit and improve the lives of the under privileged across various
sectors. While remaining focused on innovation, it is also looking to continuously improve
the existing products and service standards.

2.2 Objectives
The main objective of F1Soft Company is to continuously improve its existing products and
services standards, remaining focused on innovation. Some of its objectives are as follows:
• To improve business process in areas such as efficiency and risk reduction.
• To process commercial transaction.
• To provide self service tools for customers and employees.
• To provide customers and employees with timely and reliable access to information.
• To provide tools and services that supports the communication of an organization
including business process such as public relations.
• To provide fundamental elements such as networks that support a wide range of
processes and tools.
• To provide quality and secured services.

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 CHAPTER 3: PROBLEM IDENTIFICATION
The growing importance of innovations coupled with the extensive use of
technologies has changed the face of fintech worldwide. Financial technologies
(Fintech) have become an integral part of banking, and nowadays banks have
started to compete beyond financial services due to the increasing competition
from nonfinancial institutions. The Fintech industry has grown massively over the
past couple of years.

3.1 Challenges of the Company

Being a fintech service provider, there are many challenges that F1Soft should face. Fintech
companies have quickly moved on from their initially modest offerings in back -
office operations into areas such as trading, investment, retail banking, thus
emerging as direct competitors in the industry. Though the fintech revolution has
been in full swing for the last few years, there are a number of complex challenges
that fintech companies are yet to resolve:

1 Regulatory constraints
The company is often unaware of which regulators and governing bodies it has to
adhere to. This means that the company often is not even aware of the regulations
that it must comply with. This problem can result in delays in getting lice nse on-
time. Also, the possibility of getting charged with hefty fines is also high.

2 Difficulty in attracting investors

It will be difficult to attract the investors like banks and other financial
institutions if they start their own fintech operations and reducing the dependence
on fintech companies. Traditional banks may have been seeing companies in the
fintech industry as rivals. However, banks and other financial institutions aren’t
aware of the advantages that the fintech companies can provide for them.

3 Limited understanding
The general public has their skepticism about relying on fintech companies rather
than traditional banks. The fintech revolution has the p otential to disrupt the
financial industry, but until more people become educated about fintech, some of
the misconceptions will restrict companies in the fintech industry from realizing
their full potential. As most of the people still lacks the concept of digitalization,
it will be very difficult for the company to increase their users.

4 Security challenges
The financial sector deals with sensitive information about various in dividuals and
enterprises. With the emergence of fintech, a plethora of data has become
available in digital formats, which makes it easier to analyze and generate
insights, but at the same time also makes the data more susceptible to security
breaches. This is one of the main factors fueling skeptics to rely on fintech
companies.

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5 Data protection
The company is implementing privacy by design in their products; however there are lots of
security threats that may cause huge problems as like system hack, data loss, etc. Secure,
efficient, cost-effective data protection is a constant challenge for businesses. Organizations
with limited resources and continual data growth need better solutions. Key challenges
include rapid data growth, data security threats, and reliable data recovery.

6 Productivity
First came the mainframes, then the minicomputers, PCs, and the Internet. Each was a
tremendous technological leap that greatly increased user productivity. The law of unintended
consequences warns that issues will arise with the introduction of any new technology. To
name a few, security and privacy for cloud services and increased stress and burnout for
employees tethered to mobile devices 24x7. Until these concerns are resolved, any
productivity gains must be carefully weighed against the negatives before mainstream
adoption.

7 Budgets
Meeting budget constraints is tough even in the best of times. It is especially challenging
during hard times. Managers will be faced with the tough decisions of how best to meet
existing budget needs while still planning for the future.

8 Multinational operations
The global economy is upon us. It is increasingly common to find offices and data centers in
countries halfway around the world. And with this transition come a number of challenges.
Travel, language, and time zone differences are all issues that must be addressed. But far and
away the greatest challenge will likely be overcoming the cultural differences and changing
the "us versus them" mindset. Emotions run high for those who have been affected by
outsourcing. Salary differences between countries can lead to resentment. Both are difficult
people problems to solve.

9 Customer service
IT suffers from a bad reputation when it comes to satisfying customer needs. Unfortunately, it
is often well deserved. Too many times, the work is done incorrectly or not to the customer's
requirements and it is the customer who ultimately determines what is good customer service
and what is not.

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3.2 Solutions
In order to effectively manage and run a successful organization, leadership must guide their
employees and develop problem-solving techniques. Finding a suitable solution for issues can
be accomplished by following the basic four-step problem-solving process and methodology
outlined below.
1. Define the problem
Diagnose the situation so that our focus is on the problem, not just its symptoms. Helpful
problem-solving techniques include using flowcharts to identify the expected steps of a
process and cause-and-effect diagrams to define and analyze root causes.

2. Generate alternative solutions

Postpone the selection of one solution until several problem-solving alternatives have been
proposed. Considering multiple alternatives can significantly enhance the value of our ideal
solution. Once we have decided on the "what should be" model, this target standard becomes
the basis for developing a road map for investigating alternatives. Brainstorming and team
problem-solving techniques are both useful tools in this stage of problem solving.

Many alternative solutions to the problem should be generated before final evaluation. A
common mistake in problem solving is that alternatives are evaluated as they are proposed, so
the first acceptable solution is chosen, even if it’s not the best fit. If we focus on trying to get
the results we want, we miss the potential for learning something new that will allow for real
improvement in the problem-solving process.

3. Evaluate and select an alternative

Skilled problem solvers use a series of considerations when selecting the best alternative.
They consider the extent to which:
• A particular alternative will solve the problem without causing other unanticipated
problems.
• All the individuals involved will accept the alternative.
• Implementation of the alternative is likely.
• The alternative fits within the organizational constraints.

4. Implement and follow up on the solution

Leaders may be called upon to direct others to implement the solution, "sell" the solution, or
facilitate the implementation with the help of others. Involving others in the implementation
is an effective way to gain buy-in and support and minimize resistance to subsequent
changes.

Regardless of how the solution is rolled out, feedback channels should be built into the
implementation. This allows for continuous monitoring and testing of actual events against
expectations. Problem solving, and the techniques used to gain clarity, is most effective if the
solution remains in place and is updated to respond to future changes.

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 CHAPTER 4: CONCLUSION

Time management can be a challenge when we are juggling work and school. Whether weare
working to put our self through college or we are someone who are going back to school to
advance our current career, managing time in our professional and academic life is no easy
task, especially when we have additional responsibilities competing for our time. The
problem is not a lack of time, it's how people manage that time that matters the most.

The suggestion to make a schedule is always near the top of the list when it comes to time
management tips, and there is a good reason; it works. When we are totally planning our day
inside our head without making any concrete plans, it is all too easy to forget things,
prioritize poorly or feel overwhelmed and just do nothing. We work hard and we deserve
some relax, whether that involves zoning out and watching a couple of our favorite TV shows
or a nice long bath. We should always allow our self that time; it is an important part of
succeeding since we want to avoid burnout. With that being said, we have to accept that
sometimes we may need to forego this do-nothing time or cut it short.

We may feel stressed and overworked, and we tell our self that we deserve a break after
working hard all day; we may feel justified in watching four hours of television instead of
starting that research paper outline you have been putting off the last week. It is important to
remember that we don't need to take an "all or nothing" approach. Instead of indulging in
something that doesn't really contribute to our progress (like binge-watching your favorite
show), instead focus on taking a short break that will allow us to refocus. That way we can
feel refreshed and productive when we return to the task at hand.

Humans are a funny bunch, and we often procrastinate doing the things that really need to get
done sooner than later; usually, the tasks are less than thrilling, such as doing the reading for
our most boring class or tackling that research paper that accounts for a large chunk of our
grade. People tend to think of all that they have to do to get from start to finish and then
become overwhelmed. Because the problem seems too big to tackle, people end up simply
doing nothing. Then the anxiety builds as we think about how we still have to do it and again,
instead of starting, we put it off again. To alleviate the guilt about putting it off, they do other
stuff, often household tasks like laundry, to make it seem like they are accomplishing
something.

Rather than becoming overwhelmed by what seems like an insurmountable project, start
somewhere to get something small done. Once we break up a big project into smaller and
more manageable steps, it is easy to accomplish and we will feel more motivated to continue.

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 REFERENCES

• https://en.wikipedia.org/wiki/Time_management
• https://www.verywellmind.com/time-management-tips-for-working-students
• https://www.infinitiresearch.com/thoughts/challenges-fintech-companies
• https://www.f1soft.com/

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