Estimating time is not an easy tasks to do. However, it is important to learn the art of estimating time, as you will find out in this article that time is essential and therefore estimating time becomes even more an essential tasks to Champion. Everything takes time whether you are producing a product for example baking a bread or manufacturing a chair, even if it does not involves labor there is always an element of time that is used to produce the item. All services takes time and so it is best to count time.
The problem is recording time. It is difficult because time is so variable and difficult to place in segments that makes sense. The problem is labor time, because often one may be spending time in various ways and so it is so hard to verify what time has value or what time is of no value. There are many ways to record time and there are various tools out on the web that helps in recording time. These time are normally recorded within a Timesheet that shows the hours or minutes spent doing something of value. So, where should one start. One could use their stop-watch to record the time or a time recording apps that you can start when the task commences and then is stopped when the task ends. You can also reasonably estimate time.
Estimating time is an art. You first need a general idea of the start time and make note of the end time, you then need to make allowances for breaks and idle time. Time estimating for labor time is the well known strategy used for calculating time, where the estimator becomes an expert over time. Calculating machine used time can also be estimated if the time spent is in coordination with the labor time.
The Benefits of Time Recording
- Time is scarce or limited and scarcity makes time is costly. Recording time lets us know how much time has cost us and this cost can be applied towards a claim for the production of goods and services.
- Once time is lost it can never be gained back, therefore, time will affect business capacity for growth and sustainable earnings. Recording time enable us to assess the quantity of time wasted so that one can make adjustments to activities that are affecting earnings potential.
- The knowledge of time gives insight to cost information that will leads to better pricing strategy and better revenue and earning opportunities.
Time really do matters whether you are producing an item or offering services, therefore, the knowledge of time is important. Estimating time and the recording time is important for business success, sustainability and growth. Are there any instances where time does not matter?
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