A time scorecard can be a useful tool that individuals or business organizations can use to assess how efficiently time is managed. Before this scorecard concept can be implemented in any organization, it is vital that the concept of time management is clearly understood.

Time management is commonly defined as the effort people make to make better use of their time. It encompasses all the systems and principles that people use when making conscious decisions about what they do to occupy their time. Common time management strategies require people to set goals that they want to achieve within a set period of time. Once these goals are identified, they are categorized or divided into action plans, projects, or task lists. The Pareto Principle or the 80:20 rule is usually taken into account when prioritizing tasks. According to this principle, typically 80% of the unfocused effort will generate only 20% of the results. Consequently, 80% of the results can be attributed to only 20% of the effort. By putting this principle to good use, an individual or a business organization will be able to focus more of their time, effort, energy, and other resources on tasks that will truly pay off and contribute to the success of the organization.

Time management would also require individuals and business organizations to prioritize their concerns and the tasks that come with them. A task list is often made to record all the tasks or steps that need to be completed to accomplish something. This list will serve as an inventory tool and supplement to the memory. Various methods are used when prioritizing tasks. An example of these methods is the ABC prioritization technique, introduced by Alan Lakein. For this system, items belonging to category “A” are considered very important and very urgent. “B” tasks are next in importance and “C” tasks, on the other hand, are considered the least important.

An integral part of time management is being able to identify and overcome certain obstacles that may prevent an individual or business organization from being more efficient and effective with their time. Some examples of these obstacles are excessive programming, distraction, fear of failure, procrastination, perfectionism, and depression.

Time management skills will increase efficiency and improve the overall performance of employees. This is particularly relevant to any business organization looking to increase its profitability through productivity. Additionally, applying good time management skills in the workplace will also serve as an indicator that there is no waste or inefficiency in the function of internal business processes, as downtime means wasted money.

To measure and evaluate time management skills, certain time metrics can be identified. These metrics must be relevant to the nature of the business organization, as well as its objectives. Metrics for time management can also be integrated into overall employee performance for emphasis. These metrics will be listed on a time scorecard, a tool that can be used to evaluate employee performance.