While many professions and trades know and clearly\n\nstate their billable hours, there are other chunks of time on which\n\nbusinesses and consumers increasingly have to make independent\n\njudgments. \n\nConsultants, accountants, attorneys and other professions have hourly\n\nrates, often assigned to specific categories of members of the firm.\n\nFor example, the time of senior associates is valued (and billed) more\n\nhighly than junior staff.\n\nConsumers of such services have clear choices. When someone\n\nbrings in a car for service, the hourly rate of labor is posted. One\n\ncan easily find the hourly rates of plumbers or electricians.\n\nHowever, there are many other times that businesses and\n\nindividuals have to make calculated decisions about the value of time\n\nversus the cost of that time on a case-by-case basis. Smart businesses\n\nhave been figuring out other ways to value customers\u2019 time and put a\n\nprice on that time.\n\nFor example, booking some Delta Air Lines flights two weeks in\n\nadvance costs about half the price. For those travelers who take the\n\ntime to plan ahead, there is great savings. However, those who either\n\nby choice or necessity decide to book closer to the trip dates must pay\n\nfor that decision.\n\nTravelers face choices on overbooked airlines, which offer\n\nvouchers valued at hundreds of dollars as long as they take a different\n\nflight several hours later. The airline and the individual effectively\n\nagree on the value of those hours, based on the value of the voucher.\n\nDepending on the traveler\u2019s situation, that value can vary widely.\n\nWith interest rates rising, some banks charge\n\nhome buyers varying fees to lock each available interest rate 30 or 60\n\ndays in advance. While there might be no fee to lock a rate of slightly\n\nover 6 percent, a $3,000 fee might be charged to lock a rate at\n\nslightly over 5 percent. The buyer essentially is paying for the time\n\nbetween the present and the closing of the property. \n\nAfter paying roughly $75 for entrance into Universal\u2019s theme park in\n\nOrlando, visitors can pay an equivalent amount for an Express pass to\n\nbypass the long lines of most of the attractions. It\u2019s similar to\n\nnearby Disney World\u2019s options; those who choose not to pay the extra\n\nfee can insert their admission ticket at one attraction and receive a\n\ndesignated time to return. However, during the time \u2013 often several\n\nhours later \u2013 only one pre-planned booking is allowed. The time saved\n\nby Universal Express pass buyers is perceived by them to be worth at\n\nleast another price of admission! \n\nWith time becoming more precious, more opportunities will arise to\n\ncalculate a value to time. Businesses and individuals are going to have\n\nto think about relating the monetary value of time and ultimately the\n\nbest ways to spend it wisely.