Importance of time-cum-cost management to senior management-level executives.
(Based on Case Study of their (Executives) participation in the six-week In-Service Training Programme on Leadership Techniques and Management of Technology, organised by the Institute of Management and Technology, Nigeria (I.M.T.) jointly with Seneca College, Canada)
Case Study Formulated by : Professor M.R. Kumara Swamy, Monitor
A. Cost Borne by a 1-year Participant in the In-Service Training Programme (calculated per minute)
(i) Tuition fee for 6 weeks' seminar : 300 (ii) Number of lectures scheduled per : 23 week : (iii) Total Number of lectures for 6 weeks : 23x6 = 138 (iv) Duration of each lecture : 1.5 hours (v) Total lecture hour duration for : 138 x 1.5 hours = 207 hours 6 weeks (iii x iv) or 12,420 minutes (vi) Participant's payment to the IMT : N2.18 for 1 1/2 hours' for each seminar lecture lecture or 2.42 kobo per minute lecture
B. Details of Income Earnings/Productivity to the Sponsoring Company as a Result of the Participant's Absence from Duty Station (on Deputation to the In-service Training Programme)
Assumption : 1. The participant's monthly earnings are : N 900 2. He works for : 8 hours per day 3. It follows that the participant's earnings are : N3.50 per hour or N0.55 kobo per minute C. Honorarium Paid by IMT to Lecturers Payment for One Hour Lecture : N35 Payment for One Minute Lecture : 58.33 kobo
1. If a participant comes late to the Training Programme' lecture by ten minutes, he loses 24 kobo worth of gainful knowledge and his Company loses N 5.50 by his absence from duly station.
2. If a lecturer comes late to the Training Programme' lecture by ten minutes, the participant tends to lose 24 kobo worth of gain from seminar attendance and the Institute of Management and Technology loses N 5.83 for 10 minutes.
3. Late coming and early going is a gainful proposition for the lecturer, but it is an uneconomic proposition for the participant on double counts--firstly by not gaining knowledge for the time the lecturer is absent (late), and secondly the corresponding productivity loss to the sponsoring Company.
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|Title Annotation:||FINANCIAL MANAGEMENT DIGEST|
|Publication:||Journal of Financial Management & Analysis|
|Date:||Jan 1, 2008|
|Previous Article:||Modus operandi of functioning of parallel foreign exchange market.|