GTD® is the popular shorthand for "Getting Things Done®", the groundbreaking work-life management system and book by David Allen that transforms personal overwhelm and overload into an integrated system of stress-free productivity. (from author)
GTD rests on the principle that a person needs to move tasks out of the mind by recording them externally. That way, the mind is freed from the job of remembering everything that needs to be done, and can concentrate on actually performing those tasks. (from Wikipedia)
What is it? Basically a new method for the to-do list, that has become an entire subculture for web, tech, and social network professionals.
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