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Most companies have elaborate procedures for managing capital. They require a compelling business case for any new investment. They set hurdle rates. They delegate authority carefully, prescribing spending limits for each level.

An organization’s time,in contrast, goes largely unmanaged. Although phone calls, e-mails, instant messages, meetings, and teleconferences eat up hours in every executive’s day, companies have few rules to govern those interactions.

via Your Scarcest Resource – Harvard Business Review.

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