Importance of time
Meaning of the time
Time value is most important in the life. Everyone has to respect and understand the time value because time can give the reaction of evil as well as good. Some persons understand the meaning and importance of life.
Learn to enjoy every minute of your life. Be happy now. Don’t wait for something outside of yourself to make you satisfied in the future. Think how precious is the time you have to spend, whether it’s at work or with your family. Every minute should be enjoyed and savored.
Time is measured by the hours, days, years and so on. Time helps us to make a good habit of organizing and structuring our daily activities. No one can escape the passing of time. We all subjected to aging and mortality.
Time plays a significant role in our lives. If we better understand the time value, then it can gain experience and develop skills over time. Time can also heal things whether external wounds or feelings.
Time is that ultimate thing which we cannot measure. Activities, when performed on time, will be fruitful, and results will be great. Time can also mean the point in time to which a person is referring.
Importance of time
The best proverb on time is “Time and tide wait for none.” It is better says by someone. Everyone should understand the value and importance of the time.
Time is more valuable compared than money. Time is precious partly for the reason that we are all only allotted a certain amount of time in our lives, and so we need to make sure that we use it wisely. Nothing can stop the flow of time. Time once past cannot be brought back by any means.
Every people have to walk in any mode of the life with the punctuality. It is vital for the better life. If we are punctual at every movement of the life, then no one can say anything wrong for us.
The students should go to the school at a time. If they will be on time, then no any chance to get punishment and always will be impressive for teachers.
Time management is paramount understands the value of the time. Those people do his work on the time and understand the value of time, and then they never get the embarrassment from their life.
For the time management, we are only getting the 24 hours a day, and no one else can live this time in the place. There is time limited, so everyone has to take control on his day, then they will improve their ability to focus. Don’t waste any movement of the life, because that time never comes again in the life. If never lose your momentum, then you will start handling the workload efficiently and finishing it up quickly.
Highlights into timely manner
Everyone has to realize the value of time and spend it unwisely. Such people waste their time and keep unnecessary thinking can backward to them and lost their future. Everyone has to do the focus in their important task of every day.
Everyone should realize that many of the future troubles can avoid by taking prompt action promptly. The famous proverb, “a stitch in time saves nine” also highlights the importance of sorting out a problem at the early age.
Being on time, and being aware of what time it is, ensures that we will not turn up late for our appointments. I am vital if we want to treat other people with politeness and respect. Their time is valuable, just like ours is, and we should not cause them to waste it.
Though the future is unseen, man can work hard today to increase the probability of a better tomorrow. People should use their time properly. We should try our best to avoid the habit of indolence and begin to do our jobs in time. It will surely brighten our future.
It is true that nobody can accurately forecast the future. Many things are beyond the control of human beings. The economy and financial situation of countries are fast changing.
Value of the time during emergencies situation
The weather condition always remains uncertain. There remains the risk of natural calamities. To tackle the situation of natural disasters, the government and other organizations are coming up with “Disaster Management and Recovery Plans.” During the times of emergency, the disaster recovery teams are expected to act fast without wasting a single minute.
Everyone should have this ability to take the granted all thing on time for better future, and it will become more efficient.
The more efficiently we act, the more time we will have left over for future projects. If we look all around important events of history, then we will see that all successful people of history made the best use of time. The prosperous people of the world are very conscious about the value of time. Hence, we should never waste our time and try to make the best use of it.
In transport economics, the value of time is the opportunity cost of the time that a traveller spends on his/her journey. In essence, this makes it the amount that a traveller would be willing to pay in order to save time, or the amount they would accept as compensation for lost time.
One of the main justifications for transport improvements is the amount of time that travellers will save. Using a set of values of time, the economic benefits of a transport project can be quantified in order to compare them to the costs (thus forming the basis of cost-benefit analysis). In particular, savings (or, for that matter, increases) in travel time form part of the change in consumer surplus for a transport project.
Calculating the value of time
Values of time are used to calculate the non-monetary costs incurred as part of a journey, so that the generalised cost of the journey (a combination of both monetary and non-monetary costs) can be calculated.
The value of time varies considerably from person to person and depends upon the purpose of the journey, but can generally be divided into two sets of valuations: working time and non-working time. This division is appropriate because the value of working time (i.e. time spent travelling in the course of work) is calculated differently from the value of non-working time (i.e. time spent travelling outside work).
For example, if a worker on a salary of £20 per hour travels to a meeting, the value of time in that case is £20 per hour, because that is the amount the employer would be willing to pay to reduce travel time (as travel time can be considered to be "wasted", i.e. not spent working).
In practice, time spent travelling on certain modes (especially train, but also bus and car passengers) can sometimes be used to carry out some work, while time spent using certain other modes (especially car drivers, cyclists and walkers) cannot be used to carry out work. This means the value of travel time (and thus the value of travel time reductions) for modes where the employee could carry on doing some work is lower for employees already using any such mode. Conversely the value of travel time reductions for such modes for employees currently using a mode that does not allow carry out work (and who would switch mode) is larger.
The UKDepartment for Transport calculates average values of time for travel on various modes of transport so that these values can be used to appraise transport projects as part of its New Approach to Appraisal. Some examples are given below in 2002 prices:
- Car drivers: £26.43 per hour
- Car passengers: £18.94 per hour
- Bus passengers: £20.22 per hour
- Rail passengers: £36.96 per hour*
- Underground passengers: £35.95 per hour*
- Walkers: £29.64 per hour
- Cyclists: £17.00 per hour
∗ Skewed by London wages
This is time spent outside work, which might include journeys to and from work and leisure journeys. Since this time is not valued in a market, it can only be estimated from revealed preference or stated preference analysis techniques, where the real or hypothetical choices of travellers between faster, more expensive modes and slower, cheaper modes can be examined.
For example, if a traveller has a choice between a coach which takes six hours and costs £10, or a train which takes four hours and costs £30, we can deduce that if the traveller chooses the train, their value of time is £10 per hour or more (because they are willing to spend at least £20 to save two hours' travel time).
The difficulty in narrowing down the actual value of time from a pair of choices means that hypothetical situations are generally used (the stated preference technique) to deduce values of time.
The value of non-working time is linked strongly to utility theory.
Vickerman, R.W. 1975 The Economics of Leisure and Recreation, London:Macmillan