Benefits ot time management

Sample Solution

The ability to manage your time effectively is important. Good time management leads to improved efficiency and productivity, less stress, and more success in life. Here are some benefits of managing time effectively-Stress relief Making and following a task schedule reduces anxiety. As you check off items on your “to-do” list, you can see that you are making tangible progress. This helps you avoid feeling stressed out with worry about whether you’re getting things done. More time. Good time management gives you extra time to spend in your daily life. People who can time-manage effectively enjoy having more time to spend on hobbies or other personal pursuits. More opportunities.

Information is important in management decision making. The objective of the management accounting system is to provide the best information for assessments of the amounts, timing and uncertainty of cash flows to the business from each alternative course of action available to the business. The purpose of management accounting involves identifying the types of decision needed in management accounting in order to provide useful information for managers. The main types of decision include:

• Output decision-These are decisions on what types of goods or services should be supplied, at what prices and in what quantities.
• Input decision-These are decisions on how the outputs should be produced, i.e. the allocation of quantities used in raw materials, labour etc.

I think that these two types of decisions are inter-connected, because the cost of resources to produce goods and provide services is relevant to decisions on the best production output and best pricing strategy required. The framework for managerial planning, decision-making and control process incorporates seven stages, and this is illustrated by a flow chart. Stage 1 Identify goals of organization Stage 2 Collect and analyse data about Alternative courses of action Stage 3 Choose decision rules