Economics does not count "time" among the factors of production, so people make very little effort to see accomplishment in a calendar or measure success in relation to the time available. However, time is the most important resource in any type of operation. This is because almost every other resource involved in a process can be created, acquired, and replaced with other resources if a higher volume is needed, but time cannot be created or acquired and replaced with a substitute from different sources. According to Peter Drucker: “Everything takes time. It is the only truly universal condition. All work is done over time and takes time. The fact that all work takes place over time and consumes time underlines the importance of time. And the inelastic, perishable, irreplaceable and inaccessible characteristics of the times make its management necessary. The ultimate outcome of manual worker time management leads to increased “efficiency,” while the outcome of knowledge worker time management is higher “efficiency.” Efficiency and effectiveness are the foundation of an organization's success and survival. Three-Step Time Management Approach Peter Drucker suggests a three-step approach to time management for leadership effectiveness. This process begins by recording time and activities performed during a specific period. Recording is done as soon as an event occurs and at the latest from the memory of the event. The second step is systematic time management where one tries to find non-productive activities that waste time and avoid these activities in one's schedule. In this step, we try to know what happens if the planning activities are not executed, what these activities contribute to the indi...... middle of paper ......s the planning frameworks high level must analyze other opportunities for future growth. The process of time management is as simple as any other function performed in the organization. This does not require additional resources other than a little awareness. Record time and activities, manage them focusing on the main responsibility, identify and eliminate time wastage and develop a system, rule and policy to achieve effectiveness and efficiency that best suits nature of the work and resources of the individual, group or organization. , and the objectives. For example, team management, logbook, solid information system, office layout, proper sizing of the organization, practice of decentralization, the 80/20 rule, etc. can be some of the tools to identify and eliminate wasted time and can help focus on core responsibilities. Works Cited Peter Drucker, Dennis BAke