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Stephen Covey teaches the four quadrants weekly plan to manage tasks effectively, emphasizing the importance of distinguishing between important and urgent tasks. Habit number three, "put first things first," highlights the need to prioritize tasks such as exams, business meetings, emergencies, and deadlines. Staying in the important and urgent quadrant leads to stress, while focusing on less important or urgent tasks can lead to inefficiency. It is crucial to prioritize tasks wisely to manage time effectively.