BUDGETING THE TIME

Time is really the only capital that any human being has, and the only thing he cant afford to lose.
-Thomas Edison

An important part of being a successful student is being able to manage your time
effectively. Poor time management can often lead to stress, whereas good time
management can help you achieve your goals, allocate time for yourself and feel in
control of your life.

Timing is the most important element in the success of any effort

The one secret of effectiveness is concentration
Time is absolutely irreplaceable. There is no substitute for time
Fast personal decision are most likely to be the wrong decisions.
The best decision has a high probability of being wrong

2-5 Reasons for poor decisions Errors made in decision process

- Bounded rationality
- The world is complex to understand, so we only make limited decisions because of the cost, human
ability, time, technology, and the availability of information.
- Sub-Optimism Making a decision for two companies but not as a whole.

2-6 Elements of decision making the 5 Elements of an Effective Decision Making

Process

1. The Problem Rationalization. The clear rationalization that the problem was generic and could only
be solved through a decision that establishes a rule or a principle. Know the problem your solving.
2. The Boundary Conditions. The definition of the specifications that the answer to the problem has to
satisfy, that is, of the boundary conditions. Know your range of options that will still count as success.
3. The Right Thing to Do. Before you decide whats feasible, first figure out what the right thing to do
is.
4. Action. Turn decisions into action.
5. Feedback. We make decision every day. Some decisions are more important than others. Whats
important is that when it comes to making better decisions that you figure out a process that works for
you, and helps you make better decisions, more consistently, and in a variety of scenarios, whether for
work or in your personal life.