JAY’S MULTIPLIER EFFECT | JAY’S FACTOR OF PRODUCTION | JAY’S GENERAL THEORY OF ECONOMICS | JAY’S CONCEPT OF TIME MANAGEMENT
Since the inception of economies which happened to be the result of social communication, which became the medium/media to gain what wants through others’ help if they cannot procure those means through their own efforts. And since inception it was not only goods but both goods and services involved under economic activities. At the start, at the place unknown in this world, the first economic/business transaction took place, probably through barter of services where humans in groups went to poach in order top procure fills for themselves and the others in the group. The first animal knocked down became food for a few, the second animal for a few more and so on till the entire group was fed. This may be taken as a barter of service of poaching among each other.
Similar activity holds good of fetching water for a water source, including information exchange on the information of existence and location of any water source. Food and water being primary to be procured necessities of the times, services to procure them can be the only the first barter possible, followed by other such barter transactions i.e. that of food and water being rampant and established in the human society. And during the initial stages of human communication the genders known as male and female and even the third genders possible were like females though of less interest of both men and women, and being in minority probably suffered reckless disregard as evident with their current condition anywhere in the globe including the 1.25 Billion populace strong Union of India as on date, even after the recognition of their gender by the Honorable Supreme Court of the Country. This however requires much attention an d all the benefits awarded to other communities in political interest should be transferred to this gender which any intellectual human being talking of equal opportunity is an advocate of including the author.
Now after the above services other edibles being bartered, came the turn of quenching the physical urge, and as the human society since inception has been male dominated and the women in the groups allying with some men in their own group being subjected to barter in lieu of edibles during the period of crisis in weaker groups or weaker people within the same group. Then by any chance if a woman got independent owing to losing her way to destination during travel or getting widowed which can be lucidly explained as such but in proper, expiration of her partner/beau or whatsoever name they can be referred to in those times or detachment from them in any way or the other, she probably got victimized by men and this way for survival, got into the first professional of the humankind, whether out of willingness or helplessness. So, from barter of poaching services, then barter of physical services with edibles took place.
As the time moved on, humans developed more means, hence more ends, and hence more goods and services under barter. Then came the currency age by the times of which humans got civilized, in other words, civilization had developed among them already before commencement of the currency system which is also a standard or ‘yardstick’ to measure the value of the in-measurable. Then they started dealing in currency in a particular dominion and the same system with advancement of time got adopted by all the dominions. Further inter-currency transaction started taking place aka forex transactions, thereby paving the way for smooth inter-dominion transactions, in current parlance aka international monetary transactions. This was doing fair over barter system as the under barter there was no Standard Means to measure the value of goods and services subjected to barter until the 'yardstick’ called currency or money came into being which facilitated easy valuation.
Though the major factors of price determination remain the same i.e. demand and supply, but these being not the only factors for sure. From Marshal, Robin, etc. till the 'modern theory’ recognized as such talking of material requisites of well being or regards means as scarce and ends as innumerable, has got obsolete in the current era. Now we can discuss the most sophisticated Economic Theory under 'Jay’s General Theory of Economics’ which holds best as on date. And as we know that management is dynamic in nature and so is economics, and as Jay is scholar of Infinity related sciences, also regarded as 'Father Of Infinity Sciences And Disciplines’ as titled by an Academic NGO, has a very liberal approach and adheres to the know of 'persistence of change’ has defined the disciplines to the optimum as it is on date. Just as Einsteinian General Theory of Relativity came after Modern Theory of Relativity, same with Economics, the latest being 'Jay's General Theory of Economics’. Apart from this comparison, now as regards contrast, while Einstein, Hawking, etc. propounded theories in a specific discipline pertaining to their own interest and being Theoretical Physicists while Jay being a Multidisciplinary or Versatile and Pragmatic scholar/scientist and as we know that all the disciplines are somehow or the other and to somewhat extent or the other are interdependent, hence can best be learnt in the light of the related disciplines to which Jay does justice with all perfection.
Now considering the current economic condition, with the formation of 2 major industry segments/sectors/categories viz. Core and IT with a very steep ascent in social sentiments (even in Business; seemingly one drop in the Ocean, e.g. CSR) and interaction along with professional and enterprise ones, occurrence of Globalization with much focus on disaster management, and further, the catastrophic actions/phenomena under consideration, the definition and pragmatic Theory of Economics has changed radically.
Under the current Globalized economic scenario it is easy to secure almost all means and satisfy almost all wants (with mounting ease in procurement of the end which aids in securing all means and provides them a fairly measurable value), not only through goods and services, imports-exports, etc but majorly by simple I P Transfer, which most Economic Theories fail to consider/incorporate/take into account.
For prosperity of all Humankind one suggestion could be eradication of national boundaries across the globe, and then initiate our appropriate efforts in this direction, which would require more input than the potential and/or possible output. Thus, we may resort to the second possible preference, probably the only possible formula or method to be adopted for the extreme prosperity of all Humankind.
Jay’s Second Preference Or Suggestion For Extreme Overall Prosperity
There are hundreds of nations in the world. Let us discuss scarcely populated first. If we consider geographies like Canada, Australia, etc. and even the remote Antarctica, we know that the nations like Canada and Australia are already developed, the reason being the existence of the volume of population being close to what is required by the markets and/or industries there in existence or those which can be easily brought into existence. For the exploration and exploitation of more natural resources available at their disposal and for discovery of many more, these nations along with the continent of Antarctica and roping-in UN aid, may facilitate immigration of skilled or quickly trainable workers from the densely populated or scarce resource countries like, India, Pakistan, Bangladesh, etc., procure unavailable technologies for themselves and get these immigrated workers equipped with them and start exploring and exploiting the available resources and developing new technologies. Preference should be given to people with novel ideas and technologies which fall monetarily cheap in that land. Like developing a technology for making a land usable for construction industry is of little use to Australia as there is enormous of free land and there the real estate is very cheap or can be made even cheaper if population is decentralized, but such a technology can do well in the countries like India where the Real-estate is of exorbitant cost. However, even countries like Australia can capitalize on such a technology if evolution of it there falls cheap by trading the same with countries like India, i.e. intellectual property trade.
Secondly, these scarcely populated nations are well in a position to negotiate with the densely populated nations and may seek compensation from them for their emigrants’ training or resettlement allowance, and the Government already burdened with huge populace may favorable consider such a proposal, as it may already been providing them subsidies, grants, allowances, etc. so why not resettle them ashore with better prospects for them as well as for the remaining one as population shrinks with emigration.
This way the desires of developed nations like Canada and Australia to develop further and be more prosperous and maintain the same or secure higher status can be fulfilled easily with bilateral agreements between such nations. This way the scarcely populated countries will get appropriate human, talent as well as other resources traded for immigration along with more grounds for self development. This will easily serve the purpose for which have now started making immense efforts in seeking investor immigrants as along with their Governmental aid will definitely pour in their personal wealth to whatever extent they possess as they will then have a new place to settle and hence will need everything there. So combined contribution will fill the immigrant countries with much of means. Furthermore, there will be better business relations and cooperation as well like cheap or free technology transfer from where the technology is of little or no use to where it can be money minting mill. Yes, but for this decentralization of population is required as even in developed nations population is centralized at few specific locations/cities, thus development in new areas called forth, still maintaining the ecological balance owing to the abundance of uninhabited areas like forests.
Now, on the part of densely populated nations, they will be a little relieved from the populace burden thereby human resource getting scarce with wage hikes, thereby enabling more income to the residents, hence more taxes and less expenditure of the State as in subsidies and allowances, facilities provision, etc., more production, low crime rate with good career facilities, thereby causing upswing in the economy.
The second and the most significant step to be taken by densely populated nations should be development of new markets, adoption and introduction of more trades, like introduction and promotion of more sports, making foray into new-to-country industries, etc. which will help people flocking to other newly generated career options thereby decentralizing the flock to a very few as evident in the engineering and management domains with unemployment, vacant seats and winding up of such institutions.
For those who understand only buy example, for exemplary analysis, lets take instance Australian cricket team and compare it with that of a heavily populated country like India. India has an unfair opportunity to select team from a large number of yearning people and BCC being richest cricket board in the world, while Australia has less populace (roughly, meagre 2% of the Indian), less interested people (majority preferring Soccer and others) comparatively and lesser rich Cricket Board, but at most instances proving to have a better Cricket Team.
This proves that most people have equal capacity. And hence if we have 100 people of the same/similar capacity aspiring for 1 vacancy it will obviously give adverse results. yes, competition is required as though capacity may be equivalent but circumstances and conditions of all differ, but this can be done by reducing the number of aspirants from 100 to 10 for this vacancy of 1 under consideration.
This is understandable by a comparative analysis with Law of Diminishing Returns which says, while keeping other factors of production constant if one factor is increased after an extent starts giving disutility, as in case of labour as a factor under increment with excess of labour for production in a fixed land area will create chaos and will give disutility. The same thing applies here. This is evident by the condition of Indian Cricket Team, much boasted IITs with more than 1/7th of global populace, as under least expectation India should have at least 1 such college in top 7 but has none even in top 100, Indian Cinema producing largest number of films in the world, though being commended and endorsed by Indian descent people globally does only good for the professionals in that domain but produces lousy content, unfair opportunities, pettiness and misguidance or improper ideals.
So, in our above instance, rather than making competition tough unduly and unnecessarily, which gives disutility, efforts should be made to open 7 more sectors, with 20% emigrating and for remaining 80 we may allocate 10 people aspiring for each of these sectors totaling to (1+7=) 8 thereby striking a proper balance. this will provide a healthy and more beneficial competition with application of more efforts, abstinence, etc. of the aspirants in hope of success as the success rate possibility being 10% which in the current scenario is 1% in the above example, which gives hopelessness, distress, pessimism, lack of motivation, etc.
So, applying the above approach, with increase in economy size markets will highly thrive till ecological balance is maintained and until 'positive checks’ under Malthusian Population Theory do not operate to their fullest. However we will still have more avenues to explore with more options coming up with the advancement of time and technology. However, in the current scenario and era, only this migration and increment in number of operational sectors with career options can resolve the issue of densely populated nations, as they cannot apply population control measures for the reasons being political or whatsoever.
And for the attainment of all this as above bilateral/multilateral arrangements/agreements are called forth and for the densely populated nations’ indigenous populace diversification, segmentation, dispersal, compartments addition, expansion, adoption, intrusion to new industrial domains, etc. is a composite key to success. So, now we see that through this single simple local, international and multinational composite exercise the economies off each and every Geography can be benefited immensely on and with several counts like exploration, discovery, exploitation of all resources, wealth creation, population adjustment, hike in living standard, hike in State revenues, benefits of technology/intellectual property transfer/sharing/exchange/etc., nations’ image makeover, manifold career options giving variety to life, appreciation of currency value and standardized acceptance thereof, etc. Al these can be attained through a single exercise of multilateral arrangements within and between different nations. And as this singleton exercise can beget or facilitate further benefits and so on, is known as 'Jay's Multiplier Effect’.
Now, to add catalyst to this 'Jay’s Multiplier Effect’ let us take a portion from 'Jay’s General Theory Of Economics’. This portion is known as 'Jay’s Factor of Production’ which is regarded as the most significant factor of production among all. If we utilize this factor of production to its optimum the performance of all the other factors of production fall well in place to their optimum, hence this lately revealed factor of production by Jay is Supreme, Prime to and governs all other factors of production.
As the time advances, advances the wit and wisdom of humans, yet to utmost astonishment one may wonder why this factor of production was not identified and recognized by economists until it was done now by this author.
Now, while we consider 'labour’ as a factor of production, the head entailing management. After all why labourers (operational resource) and managers (managerial resource) come under the purview of 'factors of production’?
It is not their physical body but only what they deliver through it as well as otherwise maters in production as they put in their skills, expertise and above all 'Time’. Now when Time is applied by managers and labourers with all other factors brought into application of course, the capital so applied starts losing interest, land, a factor of production though the price of which accelerates irrespective of its location anywhere in the world, starts losing rent, material starts getting stale or rotting, or exceeding expiration line, perishing, or diminish if volatile.
Now, when Time is the prime factor of production and also a governing and motivating factor to all other factors of production to utilize itself optimally, in order to avoid unnecessary losses of rent, rates, taxes, wages, premia paid to protect all tangible factors of production, is definitely the most significant factor of production.
Now to argue, driven by human temperament, some or many of the economists may be of the view that after all, if time is a factor of production it is paid off under the 'labour’ head. Now as arrangement of 'capital’ is to be availed by management under their duty compliance from entrepreneur, and even otherwise if they can think of any means at all, e.g. debt creation based on enterprise value and goodwill, like unsecured project advance, which is however not possible, as even if debt is created, its burden (i.e. principal and interest) falls on entrepreneur and even if some of the debt is created by the management of their personal grounds then such managers are subjected to such burden, and hence subject to uncertainty bearing, thereby performing entrepreneurial function and hence are entrepreneurs themselves or entrepreneurial partners/stake holders with their investment at stake.
Now, if we consider that the entrepreneur has provided with capital to the production unit which is a factor of production, then pops up a question that when all the factors of production can be paid off like land, labour, management, etc. except for the capital itself, and as capital is employed by the entrepreneur is a liability of the enterprise towards the entrepreneur, hence capital employed by the entrepreneur can pay the entrepreneur for itself, by itself, then even entrepreneurship is gone, thereby leaving no factor of production in the arena. This means that no production and hence no economic activity take place in the entire space at all. But as a matter of fact, we see economic activities taking place, production being done and everything 'moving’ smoothly in the real world. Hence the 'moving’ phenomenon introduces time as a factor of production and prime among all. Furthermore, significantly, entrepreneurship can be paid off for uncertainty bearing in the form of profit or enhanced enterprise value fetched by his capital, which hopefully would yield interest, but no interest yielding investment is secure, like, mutual funds are subject to market risks, the most secure Government bonds are also uncertain, as recently observed very likely situation thereof by the US economy halt with much possibility of the Government failing paying off bond value on maturity or interest thereon. Hence it is only the investment of 'Time’ by the entrepreneur apart from capital which rewards or fines them for the investment of itself. And as capital is a possession of entrepreneur no matter however scarce, can be borrowed, begged stolen, forged, but Time in their possession is non- negotiable and is just 'Limited’ and is the only limiting factor of entrepreneurship. Hence, it is not 'uncertainty bearing’ of capital but that of 'Time’ which may or may not yield beneficial results that limits entrepreneurship or entry of entrepreneurs in the enterprising world.
Notably, as everything possess 'time value’ and is subjected to time constraints, like, an entrepreneur at the age of 28 may bear a very high degree of uncertainty but most probably not do so at the age of 68 or 78. This 68 or 78 age stage can be reached by the same 28 years old entrepreneur who might have run into business losses, got hopeless, traumatized, discouraged, distressed, etc. So apart form all what is procurable through capital employed by the entrepreneur, the other irrecoverable and totally distinct factor that the entrepreneur loses is 'Time’ (which entails but not limited to hope, courage, confidence, stamina, inclination towards entrepreneurship or entrepreneurial temperament, etc.) may be for once or may be for all with other opportunities passing by too. Hence, Time (T) is definitely the prime factor of production and is employed by the entrepreneur along with the capital and guides, induces, and governs all other factors for its optimum utilization in order to guard from materials perishing, labour over-payment or under-working, excessive rent, rates, taxes, wages, premia etc. for more duration if production is unduly procrastinated with revenue, capacity loss etc. to all Humans and factors concerned.
And like any or all factors of production while one increasing and others remaining constant give disutility, same holds good for 'Time’, and to the contrary, if this is decreased, or work performed hastily is harmful too until it comes to a normal/optimal point where its optimum utilization takes place and on surpassing that optimal point again starts giving disutility on each instance of its increment or being under increment mode, thereby depicting ditto features as all other factors of production. This Time (T) is called 'Jay’s Factor Of Production’.
Having gained knowledge of significance of 'Time’, and establishment of the veracity of 'Time’ being the 'Prime Factor Of Production' as well as the most significant stream of Management, an immense need of the recognition of Time Management as the major or prime or governing sub-disciplines of management, on the pattern of Marketing, HR, Finance, IT, Operations, etc., and it being prime among all, is called forth. In addition it holds the responsibility at higher levels like GM/CEO/MD and Directors on Board level and encompassing Chairmanship too.
What would a 'Time Manager’ do? Is it necessary for such a manager to assume office? Or, is it that all verticals’ managers are managing their verticals in compliance with optimum time utilization hence Time Management automatically taking place?
If optimum utility is desired from all the resources employed, then yes, Time Manager is very much required and may function overseeing all the management verticals and may even place suggestions and facilitate smooth interaction an understanding at MD/GM/CEO and Directors on Board level.
Apart all, due development of highly impacting curricul(um/a) to the extreme for all verticals and the apex management level has already taken place under the guidance of the author. However, to exemplify the duties and performances of the Time Manager and their department based on real life facts can be mentioned as done here under :-
▲ TM For Apex Management:- An individual appointed as CMD of an IT/ITES listed PLC in a third world country reports directly to the major stake holders. During the performance of his duties and through thorough analysis and HR department’s recommendations, comes to believes that if the HRA of the front line executives is incremented by 10% they will give 20% better performance which may lead to an increment of 20% in the net profit of the company. The CMD is cock sure, yet he could not muster the valour required to make a decision to increment their salary and give HR a nod for that coordinating with the Finance department.
The CMD knows that the front liners dwell far away from the production unit as the rent there is cheap and as all of them are domicile of distant territories, hence if provided 10% salary increment and urged to dwell in a nearby residential colony thereby saving their time and commutation fare which would prevent them from getting weary, drowsy, appearing late in office, dodging to leave early, etc. and will increase their efficiency. Once they do so they will start giving much higher output and gain more of happiness and job satisfaction too. But the major share holders being of stingy background and currently under a little fiscal crisis may though definitely agree to his decision without fussing but the CMD knows their temperament well, that in case this 10% increment policy fails by any chance or any other factors hamper the productivity being concurrent to his decision, his decision will be accused, and as the decision will put extra financial burden on the company their terms may get strenuous and may never revive. Besides, owing to their harsh behaviour the CMD tries avoiding any adversity between them. The CMD is sure of the results yet the element of fear/awkward satiation is prohibiting him in implementation of his decision and setting the ball rolling and reaping the benefits which this favorable time has to offer. While later on, the time or circumstances may change and having not implemented the right decision at the right time may then not be able to adapt to the real time situation and may need to wind up with huge losses.
The CMD is sure to implement his decision but as advised by the major stake holders to take them into confidence before making or implementing any such major financial decisions, the implementation is still lingering on.
Here comes the role of 'Time Manager’. As the TM observes such decision though having being made by the CMD after HR reports presentation, as well as on his own analysis, the implementation thereof is being has been lingering on for the past one month resulting in losses for the month. He deduces that the CMD is too possessive about his decision and though attempts going expressive but resists and again gets possessive. Now, the TM as an aide/counselor discusses with the CMD, makes him feel psychologically secure and suggests him how to avoid any embarrassment or awkward situation that he fears may crop up, and finally makes arrangement of accompanying the CMD and taking informal consent of the major stake holders in his capacity as the facilitator of Time Management within the organization. The huddle takes place and half of the decision making responsibility is apparently taken by the Time Management department, with Time Manager presenting his formal and true report on the issue to the major stake holders thereby relieving the CMD to a great extent and the decision gets implemented with benefits start accruing much sooner rather than later.
So, here the TM acts as a channel between the apex management and the stake holders. Now the TM in order to speed up the process of relocation of the front liners with tenant-landlord liaison and as soon as the front liners relocate their productivity goes up by 30% i.e. 10% more than expected. Thus the company starts getting more capital influx, more clients, higher ratings by rating agencies, etc. All this was possible much earlier than the CMD would independently have facilitated it or might have failed to facilitate within time as in hesitation sometimes not days but years pass by and a ’human’ being preoccupied more often than not is unable to make the right decisions at the appropriate time. Besides, the tenant-landlord type liaison would not be performed by any of the verticals and the levels there above, majorly falls under the purview of HR department but out of egotism, lack of duty realization, lack of interest or reasons whatsoever never gets addressed to as evident in real life scenario across all the organizations. Here the TM aids Apex Management.
► TM For HR:- A law suit comes in along with trade union, NGO protest and public & media trial on the part of a middle level management ex-employee who was coerced or compelled to quit or to put down his papers for his failure to attend office for 15 consecutive days without any notice, per the corporate policy. The HR officials, The Operations Head, Corporate Lawyers and at times CMD and Directors as well gathered and wasted time discussing the topic. This being the for the cause of contradiction of the corporate policy and the law of land giving them a high time now. The TM calculates losses being occurred to the company owing to distraction and abstinence of top officials from their duty for a long time each day. He finds it much cheaper to compensate the litigant and get the litigation and withdrawn and all trials and ruckus cease. He presents this benefit/loss report to the HR/CMD/Directors along with counseling on ego satiation and facilitates this compromise at a very low compensation dealing tactfully with the litigant and her allies and all unanimously consent to eliminate the matter, also commending the company for being pro-employees which gave it a further hike in ranking as regards employee satisfaction and 'best places to work for’. This way utilizing disaster as opportunity. The sooner it was done, the sooner and the more loss was prevented fro occurring e.g. legal expenses, goodwill loss, lower ratings, judicial penal actions, etc. So here, TM aids HR Wing.
► TM For Operations:- On winning a huge processing contract by the company, pilot batches are to commence on the production floor for which both experienced as well as novices were hired and after a brief training made to hit the production floor. Here, as natural, there is hesitation among people of different genders and owing to threat for males with news of several incidents of fake charges against males at work place, as stringent State laws being pro-women deter males to communicate, cooperate and coordinate with women in the group fearing any misunderstand or deliberate fake charge owing to any circumstances, thereby lowering the productivity at this initial stage along with erroneous and uncoordinated output.
The TM on observing the production report themselves visits the production floor in the quest of finding cause to this effect, and he gets it. Now they and their subordinates/aides join the batches as a mentors and initiate interaction between the team members being the first ones to communicate candidly setting the environment for such communication and cooperation and tactfully inducing others to follow the suit. So, all of a sudden a proper and healthy interaction begins and productivity shoots up the same way as everything falls well in place. This otherwise would take a lot of time leading to slow growth or loss of time. This was necessary as HR personnel are not always available on the production floor and not in a perfect position to gauge such situations hence it is the duty of Operations management as it governs/manages the floor but as ops specializes in Operations and may not conform to the requisites as regards human resource to the perfection Time Management department may be of great succour. So here, the TM aids Operations Wing.
► TM for Finance:- There is a sudden increase in the attrition rate and the estimates rate was found to be much lower than the actual one, massive hiring was called forth, for which recruitment agencies required to be paid more and that too at a higher rate owing to sudden demand in the market and the same goes for other sources of recruitment. This sudden risen demand by the HR vertical imposed much predicament on the Finance vertical. The finance department has already allocated funds to every vertical and for every activity and any major alteration in this plan would attract several grave complexities. Huge funds were allocated to the HR department for recreation activities of employees like gymnasium equipment, ultra exorbitantly priced Pool Tables, etc. The TM analyses the situation and concludes that a sudden massive hiring is not easily possible in the circumstances so created, and even if attempted would require a substantial financial restructuring. Under this situation of distress even equity influx and debt creation is also not possible promptly. The TM is of view that the employees are more influenced by the volume of balance transfer hitting their accounts than by recreational activities, and hence puts expenditure on recreation on hold and reserves the same for providing a joining bonus to all the newly joined once they have completed their first year with the company, their appointment letter and salary slips already showing this bonus as due to them on a due date after one year if they persist with the company creating a feel of having earned the amount immediately on joining.
Secondly, the funds immediately availed by postponing the expenditure on recreation is put to the first time resorted to electronic media campaign, precisely, television advertisement, for talent attraction and procurement. This on one hand, would help attracting talent and on the other depict efficiency, accuracy, security, electronic presence, grandeur and all features that may attract indigenous clients, hence influx of funds from such clients as advance and the production/operation being further sourced to same/similar service providers under the company’s own head or JV or otherwise as the SLA with client may permit or be satisfied methodically and security deposit from such allies in lieu of work provided to them, would raise capital and save time without increasing any substantial managerial burden on the company. This eases financial restructuring, eliminates conflict among HR and Finance domains, strengthens Marketing Department and the overall organization. Here, TM aids, primarily, the Finance Department.
► TM for Marketing:- Owing to the beginning of the international bidding system, the profit margin got too low for the company to survive and the marketing department was entrusted to secure more profitable projects. The marketing department found the other option being merger, amalgamation or acquiring overseas entities who already hold and are likely to hold such profitable contracts in future owing to their local prominence, goodwill, state laws and connections. But such amalgamation or takeover will be very time consuming, beginning from offer placement, pondering over the offer by decision makers there and coming to unanimity with harmony, legal route of amalgamation/takeover. Moreover, this would need huge funds at once. Hence in such a situation sends request to the TM department for suggestions as regards acquisition process to be sped up, saving Time (T) along with all other resources applies, without failing to negotiate the time constraints, so that a final worth while report could be placed before the Board.
TM analyses and advises to float an offer on first come first serve basis to these offshore contractors giving them a live feeling of the probable very steep hike in profit levels by the combined efforts of cheap offshore production, consideration paid by clients, tax benefits to the offered entities on income being generated in alien land, manifold benefits of international exposure and multinational operations. And to resolve the issue of immediate capital requirement suggests to pay-off major portion for takeover in the form of equity which would also be in the interest of the overseas contractors in order to gain the aforesaid benefits by going global. This relieves the company from immediate need of massive capital. As this offer was floated for easy facilitation of deal with the physical presence of decision makers, facilitators and authorized signatories to the contract in the concerned countries and before any such offer is presented by the rivals, the potential amalgamation partners hastily make decision, finalize the deal and make all arrangements accordingly attributable to the emergence of this unique offer at that time point with most of the concerned entities making their optimum efforts to win this offer and capitalize on the opportunity. As this company makes a head start or being pioneer of this concept, gains most solid grounds among all its counterparts. Here, TM aids Marketing Wing.
In the light of above, the TM may assist in making key decisions, speeding up processes, evading undue delays, making/implementing right decisions at the right/appropriate time. The TM vertical is most suitable for mid and large sized enterprises/entities which are well in the need of and in a position of creation of an additional department or hiring additional employee(s). However micro and small can do it by equipping the existing employees with proper TM knowledge an d training, Further, not only in business but in all walks of life and activities TM is applicable. A thorough explanation of the authorities, duties, responsibilities, accountability, etc. of the TM vertical has been documented by the author and is being implemented in a reputed concern.
This concept is called 'Jay’s Concept of Time Management’ or 'Jay’s Concept of TM Discipline and Vertical’.
☼ Time As A Production Factor And Time As A Sub-discipline Of Management
Yet another instance to establish Time as a Factor of Production:-Say, a project undertaken has to last for 1 year. At inception, there was everything like land, labour, capital, entrepreneurship and all the factors possess all the virtues they ought to possess, but it is only time under which they are brought into action and it is only the lapse of it i.e. lapse of 365 days tenure that the project is complete and the value of production factors applied during this time course have gone up as finished products/produce by, say, 30% i.e., for e.g. US$ 1Bn at inception is now (1+0.3=) US$ 1.3 Bn after 365 days as the worth of completed project, to which if goodwill earned, say, owing to being the pioneers of such project implementation in that specific geographical location fetch an additional 50% above cost and amounts to (1+0.3+0.5=) US$ 1.80 Bn. Hence, it is only time that facilitated this increment of 0.8 Bn else by depreciation and other adversities acting on the production factors since inception would reduce their overall worth to, say, 20%. Hence, the final value after 365 days being (1-0.2=) US$ 0.8 Bn. Such is the impact of this 'Prime factor of Production' viz. Time.
The Time Management being Prime management stream may act at any and all levels in the hierarchy of management as the need be. It can be made as, at a limited capacity, parallel to the Governmental system. Like, vote of no-confidence, impeachment, etc. with every resolution passed by majority here in terms of worth of stake held, as there in terms of number of all individual votes valued equally. Thus the TM on the pattern of a national regime may act as an independent Intel agency forming the suggestive brain and backbone of the absolute organization and so can be adopted by the regimes of all types throughout the globe. This far much broadens the scope of Time Management.