Before most students jump to apply accounting formulae or decision making trees of even statistical models as a conditioned response, we need to step back – the problem is not optimization – it is PRIORITIZATION!
Slot 4 is finally here, and it has brought ample time to ponder about life, the universe and everything …and I have come to realize, that prioritization, is the most important skill I am learning here – it’s not an option but a necessity! Spend thirty minutes on writing a blog post, Vs reading a case Vs taking a bath! A tough choice indeed..
No lecture on microeconomics can cover the concept of ‘Opportunity Cost’ as well as spending (or Surviving, is it?) one week at this place! Where there are hundreds or even thousands of things to do every moment, there is always this FOMO*. And the only way to manage is to let go…let go of things which matter less. I prioritize, and suddenly, I magically find time for everything I want to do…well, almost everything! And that’s not even the best part….
…the best part is, when I think hard about what my priorities are, I realise what is it that truly matters to me!
That I think may be the ‘Survival Guide’ that I should have been looking for..
* Fear Of Missing Out: This term has been taken from the book “Ahead of the Curve – two years at Harvard Business School” by Philip Delves Broughton
The case study text is added below:
Case Study: WIMWI Business Club
“XYZ is an average student at IIMA. He just balanced his last financial statement and checked the time before going to bed only to realise that it was already 8:15 AM – time for classes. He attends his lectures and returns with a heavy head, 3 assignments, 2 case readings for the next day and fear of the impending FRA quiz to be announced any moment. He skips lunch and goes to his Dorm only to find 50+ emails in his inbox. After deleting all the ‘Junk &Joos’mail, he marks 10 important e-mails: He has a placecom submission, an additional MC assignment to submit before EOD, 2 group meetings to attend, and 3 club questionnaires to fill. He fires up his google calendar to find 2 clu- interactions scheduled for the day and wonders why he applied to so many of them.
He crashes on his chair, and plans his schedule for the day. He estimates that he would require at least three hours for the assignment, and about 1.5 hours for the group-work. He reserves 2 hours for FRA and thinks he’ll tackle MC after returning from club-interactions. He thinks he’ll finish all three club applications in 30 minutes and opens the placecom doc. He realises that he needs at least one meal a day to be able to concentrate and adds 2 hours of sleep (so that he’s not woken up in class by the professor yet again).
Just when he thinks he has planned it all, he checks the total effort – 25 hours! Now being an average WIMWIAN, he has only 24 hours a day (yes, some students do seem to get more than that!)…in your opinion, what should XYZ do to optimize his time?”