Phil and Francis are managers in financial planning working respectively for a business. A ratio calculation of working of both the managers is stated as below:
Phil = 60 min 8 :1 ; Francis = 60 min 10:4 ]formula : X x Y1 : X1 x Y : 8 x 4 : 1 x 10
Average ratio of working of both the financial managers is: 32 : 10 = 16 : 5
The above ratio indicates that both the managers have an extra to capacity to work in a ratio of 16:5 in an hour, i.e. possess an ability to make 16 phone calls or can prepare 5 financial statements whereas Phil is spending slightly an extra time on each phone call and leisure in preparing financial statements. Francis is spending moderate time on each phone call and excellent in preparing financial statements producing 4 statements per hour. Comparatively Francis is working better as a manager and almost near to the maximum capacity of yield of work (10:4 :: 16:5). Theoretically explaining, the job of a financial planning manager requires an excellent planning about work and execution of work plan as stated in the following format:
Tuesday : date March 11, 08
Check emails and draft replies
Attend clients over phone
Prepare financial statements
1pm – 4pm
Coordinate with staff and finish the day.
Manager’s work diary must contain program and schedule on day basis/weekly basis/monthly basis/quarterly basis/half-yearly basis or annual basis. Not just planning and execution , a regular review of working must be made available for the manager’s self-assessment which would provide a clear picture about efficiency in working area and also leaves scope for probable suggestions and scope for improvements.
Michael Toten (2006) Financial Planning